Social Security Administration to Increase Benefits by 8.7% in 2023 Amidst Rising Consumer Prices

Per Axios

The Social Security Administration announced an 8.7% benefit increase by 2023 amidst rising consumer prices. This is the biggest benefit jump since 1981, resulting in an additional $140/month.

In December, roughly 70 million recipients will receive cost-of-living adjustment (COLA) notices.  The SSA uses a formula involving the consumer price index to ensure COLA checks aren't consumed by inflation.