Social Security Cola Increase 2023
This will impact about 70 million americans by increasing the average. Social security and supplemental security income (ssi) benefits for approximately 70 million americans will increase 8.7 percent. Not such great news after all next. Starting in january 2023, social security beneficiaries will receive an 8.7% increase in benefits due to a cost of living adjustment, or cola.
The mode of funding received will. Given the 2023 cola increase of 8.7 percent, the average benefit could reach $1,819 in january. The payment rise in 2023 will result in average monthly benefits increase of $144 for singles and $240 for married filing jointly, or 8.7% higher. Starting in january 2023, social security beneficiaries will receive an 8.7% increase in benefits due to a cost of living adjustment, or cola.