Update from Social Security and this year's COLA

 The biggest increase in Social Security benefits in four decades will deliver much-needed breathing room for millions of Social Security recipients. The Social Security Administration, the federal government agency that oversees the benefits, announced a 8.7% increase in the Social Security cost-of-living adjustment (COLA) for 2023. The increase is the largest since 1981, when the COLA was 11.2%, and raises the average retiree benefit by more than $140 per month starting in January, according to the Social Security Administration. The adjustment — coupled with a decrease in Medicare Part B premiums next year hopefully will help those receiving their benefits.