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Social Security’s 2023 COLA Increase: What You Need to Know About Future Benefits
9
Jan
Social Security’s 2023 COLA Increase: What You Need to Know About Future Benefits
Social Security Retirement and Supplemental Security Income (SSI) benefits will increase by 8.7 percent in 2023, the most significant increase since the 1980s. The last time the cost-of-living adjustment (COLA) was higher was in 1981, when the increase was 11.2%. The increase, due to inflation, will result in a Social Security benefits increase of an extra $146 per month, or