Social Security Cola 2023
The first check social security beneficiaries receive in 2023 will show an 8.7% increase in benefits, known as a cost of living adjustment, or cola. Most retirees will enjoy an average rise of $146 per month as a result of the move, although it will take a few more days before recipients start receiving the new checks. The mode of funding received will. The boost for this year, which will be revealed on thursday, is anticipated to be substantial.
This means that social security recipients will receive the biggest jump in their monthly payment in years. Amid record high inflation, social security beneficiaries will get an 8.7% increase to their benefits in 2023, the highest increase in 40 years. The 8.7% cola will begin with benefits payable to more than 65 million. The average social security benefit sent in september 2022 was 1,673.88.