JUST IN: Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 8.7% in 2023 as Americans deal with the highest inflation rates in decades.
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This is the biggest increase since 1981, because this number is based on the 40-year highs the U.S. has seen in inflation.The Social Security Administration said average payouts will increase by more than $140 per month in 2023. The SSA had increased the cost-of-living adjustment to 5.9% last year, making 8.7% a significant increase to an already-record high.
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