Social Security cost of living adjustment is the biggest in over 40 years
Americans drawing money from Social Security received some good news for 2023 with a cost-of-living adjustment (COLA) designed to keep up with inflation. The Social Security Administration (SAA) announced last month that it would implement an increase in benefits of 8.7 percent. The new rate will go into effect in January. For many recipients, this will amount to a monthly addition of $140-150. The SAA distributes funds to retired senior citizens, as well as to those who are disabled and to widows, widowers, and children of deceased workers. The 8.7