Social Security Administration announced historic increase of 8.7 percent COLA for 2023. But this is not the biggest jump of COLA ever. before this three COLAs have been larger than in 2023. Here is all detail

In 1979, the COLA was 9.9%. and it was bigger than todays cola jump for 2023

 In 1980, the COLA was rose to a record 14.3%

In 1981 it was 11.3% and it was also bigger than todays jump of just 8.7%

In 1982 it was 7.4% and it was less than todays jump of just 8.7%

70 million Americans are going to receive this Social Security cola benefit in 2023

This jump will see a monthly increase of around $144 in payments

It means the average monthly payment to a retired beneficiary will be $1,827 in 2023