Social Security Association Announced COLA
Social Security Administration officials revealed last week that the cost of living adjustment for 2023 will be 8.7 percent.
This means that beneficiaries receive an additional $144.10 per month on average.
The increase will affect Social Security, Social Security Disability Insurance (SSDI) and Supplemental Income (SSI) claimants.
The new increase will take effect in January for retirees and on December 30 for SSI beneficiaries.
Kilolo Kijakazi, acting commissioner of the SSA, said: “Healthcare premiums will go down and Social Security benefits will rise in 2023, which will give seniors more peace of mind and breathing room.”
“This year’s substantial cost of living adjustment marks the first time in more than a decade that Medicare premiums have not increased and demonstrates that we can provide greater support for older Americans counting on the benefits they’ve earned. “