Social Security 2023: Here's when the 8.7% increase in benefits kicks in

(NEXSTAR) – Millions of America’s older adults will see a bump in the amount they receive in monthly Social Security benefits, starting in January.The increase in payments is the largest in decades at 8.7%, and is designed to help offset the soaring inflation that would otherwise limit recipients' purchasing power.The bump in benefits is aptly titled a cost-of-living adjustment, or COLA. On average, Social Security benefits will increase in January by more than $140 per month, a