The Social Security Association announced the COLA
Social Security Administration officials revealed last week that the cost-of-living adjustment for 2023 will be 8.7 percent.
This means that recipients will receive an additional $144.10 a month on average.
The increase will affect applicants from social security, social and disability benefits (SSDI) and Supplemental Security Income (SSI).
The new increase takes effect in January for retirees and December 30 for SSI claimants.
Kilolo Kijakazi, SSA’s Acting Commissioner, said: “Medicare premiums will decrease and Social Security benefits will increase in 2023, giving seniors more security and respite.”[ads1];
“This year’s significant Social Security cost-of-living adjustment marks the first time in over a decade that Medicare premiums have not risen and shows that we can provide more support to older Americans who are counting on the benefits they’ve earned.”