Social Security Association announced COLA
Social Security Administration officials revealed last week that the cost-of-living adjustment for 2023 will be 8.7 percent.
This means beneficiaries will receive an extra $144.10 a month on average.
The increase will affect Social Security, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI) claimants.
The new increase will take effect in January for retirees and on December 30 for SSI claimants.
Kilolo Kijakazi, the SSA’s acting commissioner, said: “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.”
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