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The average Social Security benefit in 2023

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries this month. The 2023 COLA is one of the largest since 1981 when benefits rose by 11.2 percent. The average Social Security benefit in 2023 has grown to $1,688.69, or approximately $20,264 a year. Leada Gore reports on the average monthly benefit amount for 2023. Read Ms. Gore’s article here…

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