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Americans collecting Social Security will receive an 8.7% cost-of-living adjustment in 2023, the Social Security Administration announced on Thursday. This will be the largest increase since 1981, when the COLA rose by 11.2%.

“A Social Security COLA adjustment of 8.7% is rare — enjoy it now,” says Mary Johnson, a policy analyst at the Senior Citizens League. “This may be the first and possibly the last time that beneficiaries today receive a COLA this high.”

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