The Social Security Administration announced on Oct. 13, 2022, the biggest boost in monthly payments for 2023. An increase of 8.7 percent in cost-of-living adjustment (COLA) will be given to more than 65 million Social Security beneficiaries in January 2023.
The cost-of-living (COLA) adjustment will boost retirees’ monthly payments to more than $140 per month. The increase is the biggest jump since 1981 which tops this year’s 5.9 percent adjustment. Increased payments began on December 30, 2022, to more than 7 million beneficiaries including Supplemental Security Income. Some recipients receive both Social Security and Supplemental Security Income.
Social Security Administration Acting Commissioner Kilolo Kijakazi said in a statement that this year’s COLA increase is proof that they can provide more support to older Americans since Medicare premiums are going down while Social Security benefits are increasing in 2023. This will surely give seniors peace of mind and more time to breathe without worrying.
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How much is the boosted payment?
According to the American Association of Retired Persons (AARP), the average monthly Social Security retirement benefit payment will increase to $1,827 from about $1,681.
Beneficiaries can expect to get their benefit checks starting in January 2023, but starting in December, a notice is given online to beneficiaries that reflect the amount to be received in their checks.
AARP Chief Executive Jo Ann Jenkins said in a statement the adjustments are an essential part of Social Security to help ensure benefits not to disappear over time due to inflation. Jenkins said that millions of Americans are working hard throughout their lives to earn benefits. She urged leaders to work together to protect Social Security for years to come.
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