Social Security benefits to jump by 8.7% next year

Social Security
US Social Security Administration office is seen in Mount Prospect, Ill., Wednesday, Oct. 12, 2022. Millions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year. The increase will be announced Thursday. (AP Photo/Nam Y. Huh)

WASHINGTON (AP) – Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.

That’s a historic increase and welcome news for American retirees and others – but it’s tempered by the fact that it’s fueled by record high inflation that’s raised the cost of everyday living.

That means the average recipient will receive more than $140 a month extra beginning in January. The cost-of living adjustment is meant to help cover the higher cost of food, fuel and other goods and services.

But a separate government report Thursday showed prices accelerating again.

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