The Social Security Administration has announced that its beneficiaries will see a significant increase – totaling nearly 9 percent – in their monthly Social Security checks come January 2023. This cost-of-living adjustment (COLA) is the largest boost to Social Security benefits in more than 40 years. The increase for 2022 was 5.9 percent.
How Much More Will I Receive?
For more than 65 million individuals currently receiving these benefits, payments will rise by about $140 on average per month.
If you are a Social Security beneficiary, you can get an estimate of how much more you will be receiving in 2023 by using the online My Social Security portal on the Social Security Administration website. Later this year, the agency will also send notifications to all beneficiaries via snail mail regarding their increased benefit amount.
What If I Receive SSI, Too?
Supplemental Security Income (SSI) supports more than 7 million limited-income seniors and people with disabilities. If you also receive SSI, you will see a slightly higher payout as well – $73 a month on average. This adjustment will begin December 30, 2022.
Access a listing of all the 2023 Social Security changes.
For further insight and support, contact Kristen Matthews, Certified Elder Law Attorney at 484-874-2987.