The Social Security Administration announced the change Thursday
Last time COLA ( cost of living adjustment ) was increased by 11.2. After that today the social security administration announced Thursday the increase in COLA by 8.7% in 2023.
The average Social Security retiree benefit will increase by $146 per month, to $1,827 in 2023, from $1,681 in 2022. Beneficiaries will get an average of more than $140 per month
“This is a really exceptionally good news day for older Americans, because their COLA is going up, their [Medicare] premiums are going to go down, and that means a lot more money in everyone’s pocket every month,”– said Cristina Martin Firvida, vice president of government affairs at AARP
Next year’s record increase comes as beneficiaries have faced economic problems with increasing prices this year.
Beneficiaries can see their COLA increment in starting of the year i.e January 2023.
But starting in December, beneficiaries may be able to see notices online from the SSA that state just how much will be your COLA amount.