All you need to know about the Social Security COLA Hike

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The Social Security Administration is expected to announce its largest cost-of-living adjustment (COLA) to Social Security.

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The hike is expected to increase by 8.7%, a boost to the over 70 million Americans benefiting from the program.

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A COLA boost of 8.7 percent is very rare and will likely be the largest increase ever received by most beneficiaries alive today.

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This move could leave people living on the program with more income to deal with inflation.

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Retirees, widowers, those who are disabled and others will all see an increase reflected in their 2023 benefits.

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On average, retirees will now receive a monthly benefit of $1,656.

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The new COLA adjustment would increase that total by $144.10,

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The boost comes as inflation squeezes Americans’ budgets, affecting costs of holiday travel and groceries.

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