How much will Social Security benefits increase in 2023?
The COLA could be the biggest to Social Security checks in more than four decades.
Benefits from Social Security could see their biggest increase in 40 years soon.
Cost-of-living adjustments, or COLAs, were already substantial in 2022, at 5.9%, about $93 per month.
Despite this, the consumer prices index in June was 9.1% higher than in May.
During July and August, the CPI decreased to 8.5% and 8.3%, respectively.
The economy is doing well, but inflation has surpassed the Federal Reserve's 2% target for 18 consecutive months.
According to the latest data, the COLA for 2023 should increase Social Security benefits by at least 8.7%.
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