Social Security Announces Biggest Payment Boost in 40 Years: Here’s When You'll Get It

Blank U.S. Treasury checks run through a printer at the U.S. Treasury facility in Philadelphia, Pa. William Thomas Cain/Getty Images

Social Security benefits will increase by 8.7 percent in 2023, the biggest boost in 40 years, the Social Security Administration announced on Oct. 13.

The cost-of-living (COLA) adjustment will bolster retirees’ monthly payments by an average of more than $140 per month.