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Social Security benefits to jump by 8.7% next year

Barbara Steingaszner, 83, of Alexandria, Va., right, and Doris Askin, 84, of Mount Vernon, Va., left, play bridge at Hollin Hall Senior Center in Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will get the biggest cost of living increase to Social Security in four decades. (AP Photo/Susan Walsh) Barbara Steingaszner, 83, of Alexandria, Va., plays bridge at Hollin Hall Senior Center in Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will get the biggest cost of living increase to Social Security in four decades. (AP Photo/Susan Walsh) Paul Phelps, 76, of Alexandria, Va., works at the Mount Vernon Genealogical Society at the Hollin Hall Senior Center in Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will get the biggest cost of living increase to Social Security in four decades. (AP Photo/Susan Walsh) Barbara Steingaszner, 83, of Alexandria, Va., plays bridge at Hollin Hall Senior Center in Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will get the biggest cost of living increase to Social Security in four decades. (AP Photo/Susan Walsh) Paul Phelps, 76, of Alexandria, Va., works in the genealogy room at Hollin Hall Senior Center in Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will get the biggest cost of living increase to Social Security in four decades. (AP Photo/Susan Walsh) Barbara Steingaszner, 83, of Alexandria, Va., right, and Doris Askin, 84, of Mount Vernon, Va., left, play bridge at Hollin Hall Senior Center in Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will get the biggest cost of living increase to Social Security in four decades. (AP Photo/Susan Walsh) Barbara Steingaszner, 83, of Alexandria, Va., right, and Doris Askin, 84, of Mount Vernon, Va., left, play bridge at Hollin Hall Senior Center in Alexandria, Va., Thursday, Oct. 13, 2022. Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023. (AP Photo/Susan Walsh) US Social Security Administration office is seen in Mount Prospect, Ill., Wednesday, Oct. 12, 2022. Millions of Social Security recipients will soon learn just how high a boost they'll get in their benefits next year. The increase will be announced Thursday. (AP Photo/Nam Y. Huh) FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. Millions of Social Security recipients will soon learn just how high a boost they'll get in their benefits next year. The increase to be announced on Thursday, Oct. 13, 2022, expected to be the highest in 40 years, is fueled by record high inflation and is meant to help cover the higher cost of food, fuel and other goods and services(AP Photo/Jenny Kane, File) FILE - A man shops at a supermarket on Wednesday, July 27, 2022, in New York. On Thursday, Oct. 13, 2022, the U.S. government is set to announce what's virtually certain to be the largest increase in Social Security benefits in 40 years. The boost is meant to allow beneficiaries to keep up with inflation, and plenty of controversy surrounds the move. (AP Photo/Andres Kudacki, File)