Americans to Receive 8.7% Increase in Social Security Benefits

New COLA Adjustment to Provide Relief

Approximately 70 Million Americans to Benefit

The Social Security Administration (SSA) has announced an 8.7% cost-of-living adjustment (COLA) for 2023. This means that approximately 70 million Americans who receive Social Security benefits will see an increase in their monthly payments starting in January 2023.

The COLA adjustment is intended to offset the effects of inflation and ensure that Social Security benefits keep pace with the rising cost of living. The 8.7% increase is the largest COLA adjustment since 1981.

The SSA estimates that the average monthly benefit for retired workers will increase by $146 in 2023, from $1,681 to $1,827. The maximum benefit for retired workers will increase from $3,345 to $3,627.

The COLA adjustment will also apply to other Social Security programs, including Supplemental Security Income (SSI) and Disability Insurance (SSDI).

This substantial increase in Social Security benefits will provide much-needed relief to millions of Americans who rely on these payments to cover essential expenses. The COLA adjustment is a testament to the government's commitment to protecting the financial security of its citizens, particularly those who are most vulnerable.