Social Security benefits to jump by 8.7% next year
FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. Millions of Social Security recipients will soon learn just how high a boost they'll get in their benefits next year. The increase to be announced on Thursday, Oct. 13, 2022, expected to be the highest in 40 years, is fueled by record high inflation and is meant to help cover the higher cost of food, fuel and other goods and services. (AP Photo/Jenny Kane, File)
Here’s how teens can work out for free at Planet Fitness this summer
A week into the fragile Israel-Iran peace agreement, here’s what we still don’t know
Iran releases death toll of Israel’s Evin prison attack as officials remain suspicious of ceasefire
Gunman started Idaho blaze, fatally shot 2 firefighters in ambush attack, officials say
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 extra a month beginning in January, according to estimates released Thursday by the Social Security Administration.
