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According to NYT, Social Security's cost-of-living increase will be the largest in four decades.

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In October, retirees will be informed of the increase's size for 2023; the current projection puts it at 8.7%.

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There will be an inflation adjustment for the more than 70 million Americans who receive Social Security benefits.

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For recently retired people, the maximum retirement benefit might be $4,500.

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For recently retired people, the maximum retirement benefit might be $4,500.

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The low limit would climb from $19,560 to a nearby $20,000, and the high limit would increase from $51,960 to $53,000.

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On October 13, after inflation data, the Social Security Administration will reveal the precise amount.

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The Senior Citizens League estimated 8.7%, which is less than its 9.6% forecast from one month prior.

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The change accounts for the inflation's recent mild cooling to 8.3 percent.

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But even so, the COLA would be the most since 1981, when the inflation adjustment was 11.2 percent if the prediction proves accurate.

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