By 2023, retirees that receive Social Security could see their benefits increase a lot. The Social Security program provides a cost-of-living adjustment (COLA) every year to account for inflation so retirees don't lose their purchasing power.

This year, benefits increased by 5.9% thanks to the COLA. In 2023, The Senior Citizens League estimates the COLA might be 8.7%, which would be the largest increase in roughly four decades.

While we don't know exactly where inflation will land in September, I am still expecting retirees to see at least an 8% increase in their Social Security benefits next year. That would mean retirees end up seeing a more than 14% increase to their benefits between 2021 and 2023. But is this enough to keep up with the significantly higher cost of living? Let's take a look.

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Source Fool.com