Benefit boost: Social Security recipients set for biggest cost-of-living increase in 41 years

SOCIAL SECURITY IS set to boost the benefits it provides retirees by 8.7 percent, the biggest cost-of-living adjustment since 1981. It comes as sky-high inflation continues to eat into incomes and savings.

The changes are set to take effect in January 2023 and were announced following the release of the September 2022 consumer price index report, which showed inflation climbing more than expected during the month, by 0.4 percent.