Social Security Cost-of-Living Hike Could Be 8.7%

“Retirees who are confronting higher prices due to record high inflation may get some welcome news this week when the Social Security Administration announces the cost-of-living adjustment for 2023,” CNBC reports.

“The Senior Citizens League, a nonpartisan senior group, estimated last month that the COLA could be 8.7% next year. That would make it the highest increase in decades, topping this year’s 5.9% annual cost-of-living adjustment, which was the largest in about 40 years.”