In October 2022, the Social Security Administration (SSA) announced an 8.7% increase in monthly benefits for recipients of Social Security and Supplemental Security Income (SSI).
The SSA says the 8.7% cost-of-living adjustment (COLA) will take effect with benefits payable to Social Security beneficiaries in January 2023. Increased payments to SSI beneficiaries start at the end of December 2022.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” Social Security Administration Acting Commissioner Kilolo Kijakazi said in a news release. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.”
https://clark.com/personal-finance-credit/investing-retirement/social-security-cost-of-living-adjustment/