It is almost that time of the year again when Social Security announces the cost of living adjustment ("COLA") to Social Security checks for 2023. This year, due to inflation, those receiving Social Security benefits could see as much as an 8.7% increase to their Social Security checks. Experts' predictions on the amount of the COLA have been fluctuating over the past several months, but one thing they all seem to agree on is that it will be one of the largest increases in more than 40 years. It would also be the highest increase anyone currently receiving benefits has ever received.
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