Social Security Announces 8.7 Percent Benefit Increase for 2023

The Social Security Administration announced that the Social Security cost-of-living adjustment (COLA) for next year is 8.7%. This will translate to approximately $145 a month more for the average Social Security benefit for retired workers starting in January of 2023. The Supplemental Security Income benefit will increase by $73 to $914 per month. While this is one of the largest COLA increases in decades, it is also a reflection of the inflation that has raised the cost of living for Americans across the country, in particular those at or near poverty who spend a higher portion of their income on necessities like food, rent, and gas.