Social Security beneficiaries can expect an 8.7% boost to benefits in 2023, the Social Security Administration announced

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The increase tops the 5.9% cost-of-living adjustment for 2022, which at the time was the highest in four decades

Amid record high inflation, Social Security beneficiaries will get an 8.7% increase to their benefits in 2023, the highest increase in 40 years

It will result in a benefit increase of more than $140 per month on average starting in January

The average Social Security retiree benefit will increase $146 per month, to $1,827 in 2023, from $1,681 in 2022

The confirmed 8.7% bump to benefits tops the 5.9% increase beneficiaries saw in 2022, which at the time was the highest in four decades

The last time the cost-of-living adjustment was higher was in 1981, when the increase was 11.2%

“They’re more trying to provide inflation protection so that people can maintain their standard of living,” said Adcock