Social Security announces 8.7 percent increase in benefit checks
The Social Security Administration announced today that about 70 million Americans will see a 8.7% increase in their Social Security benefits and Supplemental Security Income payments in 2023.
On average, Social Security benefits will increase by more than $140 per month starting in January, the Social Security Administration said.
This is the largest percent increase since 1981 and the cost-of-living adjustment (COLA) will help offset higher inflation costs, according to the SSA. Social Security will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees.
U.S. Sen. Kirsten Gillibrand of New York, a U.S. Senate Aging Committee member, issued this statement:
“Today’s Social Security Administration announcement of an 8.7 percent increase in benefit checks, the largest increase since 1981, is fantastic news for more than 70 million Americans who are struggling with skyrocketing drug prices, prohibitive housing costs, and the rising cost of living. The larger Social Security checks will start hitting mailboxes in January 2023.
“As a member of the Senate Committee on Aging, I support strong cost-of-living adjustments because they help people keep up with recent increases in everyday expenses. Cost-of-living adjustments for Social Security benefits can provide crucial resources for retirees and other beneficiaries who depend on Social Security.
“I will also continue to champion the Social Security Expansion Act, which would ensure the solvency of Social Security for over 70 years by requiring the wealthiest among us to pay their fair share into the program, expand Social Security benefits across the board, and increase the cost-of-living adjustment.”