2023 Social Security Benefits to Increase
Starting in 2023, 70 million Social Security recipients will see an 8.7% bump in their benefits with the new cost-of-living adjustment (COLA). For reference, last year beneficiaries saw a 5.9% increase, and in 2021 there was a 1.3% increase.
The increase comes as most Americans battle increased prices caused by rampant inflation throughout 2022. The goal is to give seniors more peace of mind as costs increase.