Inflation Pushes Social Security COLA to 8.7% in 2023, Biggest Increase in Four Decades

Social Security checks will be 8.7% higher in 2023, the largest benefit cost-of-living adjustment in four decades, the Social Security Administration announced Thursday.

The extra funds will relieve many of the roughly 70 million Social Security recipients whose budgets have been stretched by high inflation and whose nest eggs have been crushed by falling stock and bond markets. The average monthly Social Security check for retirees will rise to $1,814 in January from $1,669 this year.