It's hardly a secret that inflation has reached astronomical levels in 2022. That's put a huge burden on seniors, many of whom get the bulk of their income from Social Security.

Meanwhile, Social Security beneficiaries have endured months of speculation regarding next year's cost-of-living-adjustment (COLA). And at one point, some experts were calling for a boost as high as 11% due to the way inflation levels were trending.

Last week, the Social Security Administration announced that recipients will see their benefits increase by 8.7% in 2023. That's the largest COLA in decades, and it's a boost that could help seniors gain a world of buying power in the coming year.

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Source Fool.com