Social Security's Largest Raise in More Than 40 Years Comes With 2 Added Bonuses
With just days remaining in 2022, Social Security retirees will soon receive the largest increase to their monthly benefit checks in more than 40 years.
The Social Security Administration (SSA) implements a cost-of-living adjustment (COLA) in most years to compensate for inflation, with the goal of maintaining the purchasing power of retirees' benefits as prices rise. Due to 2022's unusually high inflation, the SSA in October announced that the 2023 COLA would be 8.7%.
With the average monthly Social Security check for retirees at $1,677 in November, an 8.7% increase would mean an average of $146 more in monthly benefits -- a boost of more than $1,750 per year. But that benefit bump isn't the only positive change coming for retirees next year. Here are two added bonuses they'll enjoy.
Source Fool.com