I don't think I've ever gotten an 8% pay raise, and I won't be getting this one.  But if you're receiving Social Security you are set for a whopping increase in your benefits starting in 2023.

The Social Security Administration, the federal government agency that oversees the benefits, has just announced an 8.7% increase in the Social Security cost-of-living adjustment (COLA) for 2023.

This will be the most significant increase in more than 4 decades.  The last time the COLA was raised this high was back in 1981 when it was raised at 11.2%

The biggest increase in Social Security benefits in four decades is expected to deliver much-needed breathing room for millions of Social Security recipients. Next year's 8.7% increase will raise the average retiree benefit by more than $140 per month starting in January.

The people who receive Social Security benefits are typically notified by mail in early December about their new benefit amount. If you don't want to wait till then, most beneficiaries can also view their COLA notice online through their personal my Social Security account at www.socialsecurity.gov/myaccount.

Click here to see the entire announcement from the Social Security Administration.