Social Security Benefits COLA 2023

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The Social Security COLA for 2023 is 8.7%. The Social Security Administration (SSA) announced the official 2023 COLA on October 13, 2022, after the September 2022 inflation data was released.

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How many people will receive Social Security COLA in 2023?

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Social Security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent in 2023 for nearly 70 million Americans.

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How much in COLA benefits will the average person receive for 2023?

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COLA will increase the monthly pay of the average retired worker from $1,681 to $1,827, an increase of $146. The COLA takes effect in December and updated benefits are paid through January 2023.

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How much will Social Security increase in 2023?

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Social Security growth for 2023 is 8.7%. This means that starting in January, your benefit payments will increase by 8.7% every month.

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Social Security Benefits COLA 2023

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