Cost of Living Increase for 2023

The Social Security Administration announced today, October 13th, 2022, that Social Security benefits will increase by more than $140 per month starting in January 2023. The 8.7 percent cost-of-living adjustment (COLA) will impact more than 7 million SSI beneficiaries.

“Medicare premiums are going down, and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,”

- Acting Commissioner Kilolo Kijakazi said.

To Learn More, Visit www.ssa.gov/news/press/releases