2023 Social Security Cola
“medicare premiums are going down and social security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” social security. The senior citizens league estimates the. Social security and supplemental security income (ssi) benefits for approximately 70 million americans will increase 8.7 percent in 2023. The cpi for july was 9.1%, the first of three months that will determine the cola for 2023.
/GettyImages-157422696-91d9faa2445f43fd95062873356b57bc.jpg "2023 Social Security COLA Highest Since 1981")
Returning to the 8.7% cola, though, it’s a significant increase over the 5.9% cola retirees will receive through 2022, reports koam news. Most retirees will enjoy an average rise of. In 2023 the cola will be another big one, 8.7%. Higher increases weren’t necessary due to inflation.