Is 2023 Cola Be More Than 2023
Thus the reason that fers. That would represent the biggest increase since 1981 when the cola hit 11.2%, aarp.org wrote. T he united states ' social security administration officially announced on thursday that the cost of living adjustment ( cola) for 2023 is set at 8.7 percent. Starting in january 2023, social security beneficiaries will receive an 8.7% increase in benefits due to a cost of living adjustment, or cola.
This would boost the typical benefit to $1,802 a month from $1,658 in 2022. That would represent the biggest increase since 1981 when the cola hit 11.2%, aarp.org wrote. Even if you don’t include the higher cost of medicare this year, the 2022 cola of 5.9% is already well below the overall. An 8.7% increase in the 2023 cola would translate into an average monthly increase of $144.10, cbs news reported.