A higher cost-of-living adjustment (COLA) is going to bring a lot of extra money to Social Security recipients through 2023.

In November 2022, 66 million people – most of whom are seniors age 62 and older – had received Social Security benefits.

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Is Social Security's 2023 COLA the Biggest Ever?

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[{"selector":"#anim-dfb5acaa-476b-4b93-8852-24a617b1f8f4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] COLA allows monthly benefits to be adjusted upward to keep pace with inflation. COLA allows monthly benefits to be adjusted upward to keep pace with inflation. CREDIT GETIMAGE

[{"selector":"#anim-0919deee-bb9a-4ef7-9396-e1301a14cabd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] In 2023, Social Security recipients are receiving the largest cost adjustment. In 2023, Social Security recipients are receiving the largest cost adjustment. CREDIT GETIMAGE

[{"selector":"#anim-a9bcc232-5919-45bb-8ec8-8d2317c7f89b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Social Security's 2023 COLA will remain at 8.7%, at a four-decade high for the US inflation rate. Social Security's 2023 COLA will remain at 8.7%, at a four-decade high for the US inflation rate. CREDIT GETIMAGE

[{"selector":"#anim-a0ee611f-cdec-4432-9fe9-3d588fe79607 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(32.628676365179714%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] For most of the 66 million beneficiaries, the 8.7% cost-of-living adjustment would increase their monthly checks by more than $100 in 2023. For most of the 66 million beneficiaries, the 8.7% cost-of-living adjustment would increase their monthly checks by more than $100 in 2023. CREDIT GETIMAGE

What Will the Average Social Security Beneficiary Bring Home Each Month in 2023?

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[{"selector":"#anim-6c004721-1fdd-40c1-bfa6-2f9890dd759d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The average check in January 2023 has reached an estimated $1,688.69. That's $20,264 a year, or 49% above the federal poverty level for a single person in 2023. The average check in January 2023 has reached an estimated $1,688.69. That's $20,264 a year, or 49% above the federal poverty level for a single person in 2023. CREDIT GETIMAGE

A higher cost-of-living adjustment (COLA) is going to bring a lot of extra money to Social Security recipients through 2023.

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A higher cost-of-living adjustment (COLA) is going to bring a lot of extra money to Social Security recipients through 2023.

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In November 2022, 66 million people – most of whom are seniors age 62 and older – had received Social Security benefits.

In November 2022, 66 million people – most of whom are seniors age 62 and older – had received Social Security benefits.

Is Social Security's 2023 COLA the Biggest Ever?

Is Social Security's 2023 COLA the Biggest Ever?

What Will the Average Social Security Beneficiary Bring Home Each Month in 2023?

What Will the Average Social Security Beneficiary Bring Home Each Month in 2023?

A higher cost-of-living adjustment (COLA) is going to bring a lot of extra money to Social Security recipients through 2023.

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