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Social Security recipients could get an 8.6% cost-of-living increase in 2023 as inflation spikes

June 1, 2022

From the USA Today website

It looks like there’ll be at least one silver lining to skyrocketing inflation.

Seniors will be getting a nice raise next year.

The roughly 70 million people – retirees, disabled people and others – who rely on Social Security could receive an 8.6% cost-of-living adjustment, or COLA, next year, according to an estimate from Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group.

For the average retiree who got a monthly check of $1,657 this year, the bump would mean an additional $142.50 a month in 2023, boosting the typical payment to $1,800.

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