Social Security Benefits to Increase by 8.7% in 2023
COLA to Provide Inflation Relief
Additional 66 Million Americans to Receive Increased Benefits
Social Security recipients will receive a historic 8.7% cost-of-living adjustment (COLA) in 2023, the Social Security Administration announced on Thursday. This adjustment is intended to provide relief from the rising inflation that has impacted Americans' purchasing power.
Approximately 70 million Americans will see their Social Security benefits increase by 8.7%. The COLA is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of 2021 to the third quarter of 2022. The average monthly increase for beneficiaries will be more than $140.
The increased benefits will begin with payments payable in January 2023. Individuals can begin claiming Social Security retirement benefits as early as age 62, but the full retirement age for most people is 66 or 67.
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