Social Security beneficiaries are set to get the largest boost to their benefits in four decades.
The 2023 cost-of-living adjustment, or COLA, will be 8.7%, the Social Security administration announced Thursday. That’s about $140 more per month for beneficiaries.
Although the changes will take effect in December 2022, beneficiaries won’t see the COLA increase until their first Social Security checks of the new year, the SSA says.
