Great news for retirees receiving Social Security benefits - you may soon receive a larger payout.

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As a result of current inflation we can see the largest rise in Social Security's cost of living in the last 40 years.

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As reported by CNBC, Social Security benefits could rise by up to $159 a month.

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According to The Senior Citizens League, the increase to monthly benefits could be as high as 9.6%, though no official announcement has been made yet.

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Consequently, starting in 2023, that 9.6% increase would result in an average monthly amount of $1,656 - It would be the biggest increase since 1981.

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As part of Forbes report, married retirees would be eligible for double the increase, with each of them receiving the extra $159 a month.

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In spite of this, these figures are still merely a guess, since the SSA isn't likely to reveal the changes to benefits until October.