Millions of social security beneficiaries are set to receive a $144 payment boost from next year, following a confirmation from the Social Security Administration (SSA). The cost-of-living adjustment (COLA) for 2023 has been confirmed as 8.7 percent, resulting in an average increase of $144.10 per month for social security recipients. This increase has been largely driven by sky-high inflation rates experienced across the country this year.
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The COLA increase will affect recipients of Social Security, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI). The new increase is set to take effect in January for retirees, and on December 30 for SSI claimants.
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In comparison, the COLA increase last year was 5.9 percent, making it the most significant increase in decades. As a result, the average Social Security benefit rose by $92, from $1,565 to $1,657 per month, according to the SSA.
If you’re considering filing for benefits before the change, you can calculate your estimated payment by visiting the Social Security Administration website. This will lead you to create a My Social Security account, which offers a personalized estimate of your potential benefits.
The My Social Security account is also a useful resource for current claimants, providing options to receive email and text alerts on upcoming Social Security announcements, including updates on the COLA. Additionally, the account provides access to important information regarding your social security benefits and history.
In conclusion, the confirmed 8.7 percent COLA increase for 2023 will bring much-needed financial relief to millions of social security beneficiaries. The My Social Security account is a convenient and accessible way to stay informed on your benefits and any future updates.
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