Social Security COLA Set to Be Nearly 9% in 2023

The Social Security Administration (SSA) has announced that the Cost of Living Adjustment (COLA) for Social Security benefits will be nearly 9% in 2023, the largest increase in Social Security benefits in 40 years. This even outpaces the 2022 COLA adjustment of 5.9%, which had been itself record-breaking at the time. Unfortunately, this adjustment is a reflection of rising prices that have made things more difficult for Social Security beneficiaries in the past year.

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