Social Security to Receive 8.7% Increase

The Social Security Administration (SSA) recently announced an 8.7 percent cost-of-living adjustment (COLA) for 2023, the largest inflation-fueled increase in benefits in more than 40 years. This increase reaches approximately 70 million Americans receiving Social Security and Supplemental Security Income.

According to the SSA, the average monthly Social Security retirement benefit will rise by more than $140 starting in January, from approximately $1,681 to $1,827. Click here for more information on the Social Security Administration website.