Social Security Administration Announces 2023 Cost-of-Living Adjustment

The Social Security Administration announced that the cost-of-living adjustment (COLA) for 2023 is 8.7%. This is the highest increase since 1981. The COLA will go into effect on January 1, 2023, for approximately 65 million Americans receiving Social Security benefits. Those receiving Supplemental Security Income (SSI) will see an increase in payments starting on Dec. 30, 2022.

What Will The Average Increase Be?

Social Security Disability (SSD) benefits will increase on average by $119 per month.
SSI benefits will increase by $914 per month for individuals and $1,371 per month for couples

How is the COLA Calculated?

The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This helps ensure that benefits keep up with inflation costs. The SSA calculates the annual COLA by measuring the CPI-W change from the previous year’s third quarter to the current year’s third quarter.

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