Social Security, the monthly benefit paid to retirees, disabled people and survivors of beneficiaries, includes an annual cost of living increase that is announced every fall. It helps seniors try to keep pace with the price increases that touch every part of the economy. The adjustment for 2023, of 8.7 percent, was announced on Thursday. People can begin claiming Social Security at age 62.

The Social Security Administration, the federal government agency that oversees the benefits, adds that money to payments that are received by more than 70 million people, mostly through electronic direct deposits. The increase takes effect in January.