WASHINGTON, A.P. (AP) – Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
That’s a historic increase and welcome news for American retirees and others–but it’s tempered by the fact that it’s fueled by record high inflation that’s raised the cost of everyday living. That means the average recipient will receive more than $140 a month extra beginning in January.
The cost-of living adjustment is meant to help cover the higher cost of food, fuel, as well as other goods and services. But a separate government report Thursday showed prices accelerating again.
By Fatima Hussein, Associated Press
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