Social Security Benefits Increase 2023
The mode of funding received will. Starting in january 2023, social security beneficiaries will receive an 8.7% increase in benefits due to a cost of living adjustment, or cola. Given the 2023 cola increase of 8.7 percent, the average benefit could reach $1,819 in january. Beginning in december, the social security administration will start mailing cola notices to beneficiaries providing details on next year's payment amounts.
In 2023, retirees will see the biggest boost in their social security checks since 1981. Starting in january 2023, social security beneficiaries will receive an 8.7% increase in benefits due to a cost of living adjustment, or cola. On average, social security benefits will increase by more than $140 per month starting in january. Increased payments to more than 7 million ssi beneficiaries will.