Social Security recipients can expect to see a large increase in their checks or direct deposits starting in January.
The Social Security Administration announced last week that some 70 million Americans will see an 8.7% increase in their benefits in 2023. SSA reported in September that the average monthly benefit for retirees was $1,673.88. The 8.7% increase will increase that to $1,819.50, a bump of $145.62.
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