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Social Security recipients started receiving a significant increase in their benefits this week amid decades-high inflation that sparked an 8.7 percent cost-of-living adjustment last year.
The first payments with the adjustment for 2023 were already disbursed for many Social Security recipients, with more coming throughout the month.
The adjustment, known as a COLA, is the largest since 1981 when Social Security recipients saw an 11.2 percent increase. The increase this year will increase the average monthly benefit by about $140 per month on average, according to a previous estimate from the Social Security Administration.
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