Social Security benefits to jump by 8.7% next year

By Fatima Hussein The Associated Press

3 years ago

FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. Millions of Social ... — 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)

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.