CREDIT GETIMAGE
CREDIT GETIMAGE
CREDIT GETIMAGE
The increase in Social Security for 2023 is 8.7%. This means that starting in January, your benefit payments will increase by 8.7% per month. This increase is applicable to recipients of retirement, SSDI and SSI benefits.
CREDIT GETIMAGE
CREDIT GETIMAGE
The Social Security Administration (SSA) announced an 8.7 percent cost-of-living adjustment (COLA) for 2023. According to the SSA, the average monthly Social Security retirement income will increase by about $146 starting in January, from about $1,681 to $1,827.
CREDIT GETIMAGE
CREDIT GETIMAGE
Although Social Security recipients can begin collecting benefits as early as age 62, they can increase their benefits significantly if they wait until age 70.
CREDIT GETIMAGE
Next steps