PANAMA CITY, Fla. (WMBB) — Millions of Americans will see a boost in their social security next year.

Most will see the 8.7% cost of living increase in their January checks. The social security increase will mean an average of about $140 a month extra for approximately 70 million Americans.

Panama City senior Susan Spindler said her income base is right at the poverty level, so the increase will be a big help.

“I can get groceries, more groceries, maybe save enough to go on a short trip, save it for my old age, depends on what I need at the time,” Spindler said.

Spindler said she’s been handicapped since 1999 so she began receiving social security checks early. Although she’s seen increases throughout the years, she’s never seen one as big as this.

While some seniors will need to use the money for assistance with inflation, others will save the money for a rainy day. The Bay County Council on Aging assistant manager Ronald Smith said his money will go to savings.

“Save as much as you can, tomorrow is not a given, we don’t know what’s gonna happen,” Smith said. “I’m glad we’re getting that big of raise. I didn’t think we were gonna get one that big.”

Smith said that with the increase he expects other costs of living will go up as well.

The Social Security Administration also says Medicare premiums will decrease in 2023. The number of money retirees can make outside of social security, without being taxed, will go up to $160,200 a year.

A letter regarding these changes will be sent in early December. If you wish to access your new benefit amount today, log into your personal social security account and review the COLA notice online.