There's good news for persons who receive Social Security benefits. Starting January 2023 benefits will increase by 8.7 percent, one of the largest increases in almost 40 years.
The increase is automatically provided and is tied to the rate of inflation, which has been high in 2022. The increase did not require any vote by Congress or action by the president. An adjustment, called a Cost of Living Adjustment or Cola is made each year based on how much the cost of living goes up.
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