Social Security benefits to increase in 2023 with COLA adjustment

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A bigger inflation-boosted Social Security check and, yes, hope for some relief from the headaches caused by high prescription drug costs are on the the horizon. And for many retirees, the budget relief can’t be quick enough. 

Inflation is brutal for lower-income consumers, including millions of retirees, who don’t have any or much savings to tap into as the cost of gas, groceries and rent climb higher and higher. 

Thanks to surging inflation, though, those collecting Social Security benefits can look forward to a Social Security payout that’s roughly 8% to 9% higher in 2023, based on early estimates. 

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