Breaking Down the 2023 COLA Increase
The nearly 65 million Americans who receive Social Security retirement benefits will receive the biggest cost-of-living increase in more than 40 years. The Social Security Administration (SSA) announced last week an 8.7% COLA boost for 2023. This marks the largest COLA increase since 1981 and follows last year’s 5.9% increase. The increase will see the average monthly…