Social security recipients to get 8.7% boost in benefits – highest in 40 years

Historic increase means average recipient will receive over $140 extra a month along with a 3% drop in Medicare Part B premiums

Millions of social security recipients will get an 8.7% boost in their benefits in 2023.

That's a historic increase and welcome news for American retirees and others but it is tempered by the fact that it is fueled by record high inflation that has raised the cost of everyday living.