Retirees enrolled on Social Security are poised to get a record pay bump of over $140 a month on average due to a recent 8.7% cost-of-living adjustment.
The bolstered cost-of-living adjustment comes in response to red-hot inflation gripping the country and will kick in next January. The average Social Security check of $1,681 in 2022 will jump up to $1,827 in 2023 as a result of the adjustment.
Some 70 million Americans are enrolled in the program. The exact cost-of-living boost one receives depends on one's current Social Security payment, which can theoretically go as high as $4,194 depending on one's standing, according to the Social Security Administration.
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