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Largest Social Security Bump in 40 years
Starting in January, recipients of Social Security payments are set to receive their largest cost-of-living adjustment (COLA) in over 40 years. According to a recent Social Security Administration press release, approximately 70 million Americans will see an increase of 8.7% in their benefits for 2023. The last double-digit bump for SS payments was a 11.2% bump in 1981. Those currently…