Following this morning's release of new inflation data from September, we now know that Social Security benefits will see a cost of living adjustment (COLA) of 8.7% in 2023, the largest increase in more than 40 years.

With the average Social Security check for retirees at $1,628.17 in September, that means the typical monthly benefit could see a $141.65 increase next year, boosting it to $1,769.82, or $21,237.85 annually.

The 8.7% COLA increase hit the non-partisan Senior Citizen League's (SCL) latest projection on the nose, which is both good and bad news for retirees. Let me explain.

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Source Fool.com