Social Security's Record 2023 Increase Isn't All It's Cracked Up to Be

Social Security's Record 2023 Increase Isn't All It's Cracked Up to Be

Retirees feeling crushed by the highest inflation in decades are getting some relief. The Social Security Administration has announced that benefits will receive an 8.7% cost-of-living adjustment (COLA), the highest bump since 1982. In pure dollar terms for the average Social Security recipient, it'll be the largest COLA on record.