Social Security Administration Announces 8.7% Increase for 2023
The Social Security Administration has announced a 8.7% percent cost-of-living adjustment (COLA) for 2023. It will begin with benefits payable to more than 70 million Social Security beneficiaries in January 2023. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2022. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.