Social Security benefits for seniors raised to cope with inflation

(CNN) — Senior citizens and other Social Security recipients will start getting a larger monthly benefit in January.

The 8.7% percent annual cost-of-living adjustment is aimed at helping them cope with high inflation. It’s the largest increase in more than 40 years.

It will boost retirees’ monthly payments by more than $140.00 dollars to an average of roughly $1827.00 dollars for 20-23. About 70 million people will get the increase, which follows a 5.9% percent adjustment for 20-22.

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