The Social Security Administration announced Oct. 13 that Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January.
The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than seven million SSI beneficiaries will begin Dec. 30, 2022. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
People may create or access their “my Social Security” account online at www.ssa.gov/myaccount. Information about Medicare changes for 2023 is available at www.medicare.gov. For additional information, visit www.ssa.gov/cola.
