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2023 Social Security Cost-of-Living Adjustment COLA
Social Security announced that Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced today. On average, Social Security benefits will increase by more than $140 per month starting in January 2023.
In December 2022, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account.
The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation.
This is the largest increase in 40 years since 1981 due to high inflation in 2022.