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Social Security’s cost of living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning. About 4 million children receive benefits, and an untold number of others also will be helped because they’re being cared for by Social Security beneficiaries, sometimes their grandparents.

United statesBrookings metroMaya rockeymoore cummingsNancy altmanWilliam arnoneUs office of personnel managementNational academy of social insuranceBrookings institutionGlobal policy solutionsNational institutes of healthAssociated pressFederal reserveSocial security boost will help millionsSeventy year old cassandra gentrySocial securityNational institutes