Social Security recipients will be getting a big raise in 2023. That’s good news if you’re receiving benefits from the program, but not so great if you’re hoping inflation will abate any time soon.
The Social Security Administration recently announced an 8.7% cost of living adjustment (COLA) for next year. That goes on top of a substantial 5.9% COLA for 2022. The 2023 increase is the largest in 40 years.
