Social Security benefits to jump by 8.7% next year

Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living.

The cost-of living adjustment — the largest in more than 40 years — means the average recipient will receive more than $140 extra a month beginning in January, the Social Security Administration said Thursday.

While Social Security recipients welcomed the benefit increase, many said it wasn’t enough to cover the impact of inflation.