On October 13, 2022, the Social Security Administration announced an 8.7% benefit increase for 2023. This cost-of-living adjustment (COLA) will be the biggest COLA in more than 40 years with last year’s adjustment being only 5.9%.

Beginning in January of 2023, approximately 70 million Social Security beneficiaries will see an increase in benefits. For SSI beneficiaries, the cost-of-living adjustment will begin on December 30, 2022.