The Social Security Administration recently announced a 8.7% cost-of-living adjustment for 2023. This is the highest increase since the eighties. This CNBC article further explains how an 8.7% increase will impact retirees in the coming year.
"To gauge just how much more money you may see next year, take your net Social Security benefit and add in your Medicare premium and multiply that by the 2023 COLA. That will give you a good idea what your raise will be."
Read the CNBC article in its entirety.