Social Security benefits to increase by 8.7% next year

WASHINGTON (AP) — In a historical increase, millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.

The news is excellent for American retirees and other recipients. However, the rise is fueled by record-high inflation that is raising the cost of living nationwide.

The average recipient will receive an additional $140 a month beginning in January. The cost-of-living adjustment is meant to help cover the higher cost of food, fuel, and other goods and services.

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