Social Security announces 8.7% benefit increase for 2023

WASHINGTON – Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7% in 2023, the Social Security Administration announced Oct. 13. On average, Social Security benefits will increase by more than $140 per month starting in January.

The 8.7% 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 Dec. 30, 2022. (Note: some people receive both Social Security and SSI benefits)....