Social Security announces 2023 COLA

The Social Security Administration announced the 2023 COLA (cost of living adjustment) for benefits will be 8.7%. The increase marks the largest COLA since 1981. The annual inflation adjustment is made to help retirees keep up with higher costs. Beginning in January, the COLA will result in a benefit increase of more than $140 per month, the report noted. Some 66 million people receive Social Security benefits.