Social Security Announces Biggest Payment Hike in 40 Years Due to Inflation

The Social Security cost-of-living adjustment (COLA) will be 8.7 percent for 2023, the highest increase in 40 years, according to a Thursday announcement from the Social Security Administration.That increase tops the 5.9 percent adjustment that was implemented in 2022, which at the time was the highest in decades, amid surging inflation. The last time the Social Security Administration announced a higher COLA was in 1981 when an 11.2 percent increase was issu …