Tuesday Tip: 2023 COLA Increase

Posted On: November 15, 2022

In this week’s #TuesdayTip, we break down the 2023 Social Security COLA increase.

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022.

Click Here for more on the 2023 cost-of-living adjustment calculations.

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