Social security checks set to go up by 8.7%

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People who receive Social Security deposits are about to see a bigger number on their checks.

An 8.7% increase will take effect in 2023 for nearly 70 million Americans. It’s the largest cost of living adjustment (COLA) in 40 years. The increase will impact around 7 million people on December 30, and then another 65 million beneficiaries in January.

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