For much of the summer of 2022, there was one big question on seniors' minds: What would their 2023 Social Security cost-of-living adjustment (COLA) look like?

On October 13, they got their answer. The Social Security Administration announced an 8.7% COLA, which has been hailed as the program's largest raise in decades, many times over.

While an 8.7% COLA might seem significant, it's actually not the largest Social Security raise to ever be given out. In fact, the largest raise since COLAs were implemented in 1975 far surpassed the 8.7% mark.

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Source Fool.com