Social security benefits to increase in 2023
PITTSBURGH (KDKA) - Senior citizens and other social security recipients will start getting a larger monthly benefit in January.
The 8.7% annual cost-of-living adjustment is aimed at helping them cope with high inflation. It's the largest increase in more than 40 years.
It will boost retirees' monthly payments by more than $140 to an average of roughly $1,827 for 2023.
About 70 million people will get the increase, which follows a 5.9% adjustment from 2022.
