Senior citizens and other social security recipients will start getting a larger monthly benefit in January.

The 8.7% annual cost-of-living adjustment is aimed at helping them cope with high inflation. It's the largest increase in more than 40 years.

It will boost retirees' monthly payments by more than $140 to an average of roughly $1,827 for 2023.

About 70 million people will get the increase, which follows a 5.9% adjustment from 2022.

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