Social Security Administration to make substantial COLA increase in 2023, but is it enough for retir

Social Security Administration to make substantial COLA increase in 2023, but is it enough for retirees?
Here’s how much the average beneficiary can expect to receive from the cost-of-living adjustmentShow more

The Social Security Administration (SSA) announced Thursday a decades-high increase in pay for Social Security beneficiaries for 2023.

Social Security and Supplemental Security Income (SSI) benefits will increase by 8.7% in 2023, SSA announced. This will impact about 70 million Americans by increasing the average pay by $140 per month beginning in January.

This increase represents the highest adjustment since 1981, when recipients saw a cost-of-living adjustment (COLA) of 11.2%. This adjustment is determined by inflation levels, specifically, the Consumer Price Index (CPI), which increased by 8.2% annually in September, according to the latest report from the Bureau of Labor Statistics (BLS).

"Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room," SSA Acting Commissioner Kilolo Kijakazi said. "This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned."

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