All you need to know about the Social Security COLA Hike

All you need to know about the Social Security COLA Hike

The Social Security Administration is expected to announce its largest cost-of-living adjustment (COLA) to Social Security.

The hike is expected to increase by 8.7%, a boost to the over 70 million Americans benefiting from the program.

A COLA boost of 8.7 percent is very rare and will likely be the largest increase ever received by most beneficiaries alive today.

This move could leave people living on the program with more income to deal with inflation.

Retirees, widowers, those who are disabled and others will all see an increase reflected in their 2023 benefits.

On average, retirees will now receive a monthly benefit of $1,656.

The new COLA adjustment would increase that total by $144.10,

The boost comes as inflation squeezes Americans’ budgets, affecting costs of holiday travel and groceries.