Why your Social Security check will get a big boost next year

The 8.7 percent cost-of-living increase to Social Security payments for 2023 will be the largest jump in more than 40 years. Social Security recipients, most of whom are over 65, have seen their payments increase almost every year for more than four decades to keep up with the cost of inflation. The average retired person will see a monthly increase of around $144 in payments, according to the SSA, and the average monthly payment to a retired beneficiary will be $1,827. Of the 70 million Americans who receive Social Security benefits, more than three-quarters are 65 or older. Experts say the increase won’t completely alleviate the staggering jump in payments but will help those who are still struggling with high-income. . . .