As a result of current inflation we can see the largest rise in Social Security's cost of living in the last 40 years.
As reported by CNBC, Social Security benefits could rise by up to $159 a month.
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.
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.
As part of Forbes report, married retirees would be eligible for double the increase, with each of them receiving the extra $159 a month.
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.