In what year was the largest cost of living adjustment in Social Security benefits announced?
Social Security Admin. Announces Benefits Will Jump By 8.7% Next Year
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The Social Security Administration announced the largest cost of living adjustment in 40 years, with an 8.7% increase in benefits for 2023. This adjustment aims to help recipients cope with high inflation, providing an average increase of $140 per month.
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What effect is the cost of living adjustment meant to help offset?
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