A major announcement is coming this week that will affect the bottom lines of roughly 70 million Americans. On Thursday, Oct. 13, the Social Security Administration will announce the cost-of-living adjustment (COLA) for 2023.

This year's Social Security raise is expected to be the highest in more than four decades. The Senior Citizens League projects Social Security checks will jump by 8.7% in 2023 -- which would be the largest increase since 1981.  Keep reading to learn how Social Security COLAs are calculated -- and what that number means for you.

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Source Fool.com