WASHINGTON (AP) — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by record high inflation that’s raised the cost of everyday living.
The cost-of-living adjustment means the average recipient will receive more than $140 a month extra beginning in January.
It is meant to help cover the higher cost of food, fuel and other goods and services. But a separate government report Thursday showed prices accelerating again.