October 13, 2022
Next year social security recipients will see the largest cost-of-living adjustment in their checks in more than 40 years.
The social security administration announced an 8.7% COLA increase for 2023.
About 70 million American will see an increase in their social security benefits, survivor and SSI payments. On average we’re talking an increase of about $140 a month starting in January. But there’s a whole specific table which I will email out to everyone who is signed up for my News Girl News Roundup email.
Why the big increase next year? Inflation. The 2023 COLA increase is based on the inflation numbers I’ve been reporting in the consumer price index report every single month. The cola increase helps offset that inflation for the recipients. Last year the cola increase was 5.9%.
What’s next? If you receive social security benefits, you’ll get a cola notice sent to you in the mail during the month of December. If you don’t want to wait you can also log into your social security account online and you can see it now in the message center.
Look at the COLA chart from the Social Security Administration here.
Read the blog from the Social Security Administration here.
Interesting information you post . thanks
You’re welcome.
Dear Lisa,
Thank you for your insightful articles, they are a wealth of information. I enjoy following your stories and news, keep up the good work.
Thanks for your note Rolando. I appreciate that.