The cost-of-living adjustment, COLA, for 2023 will be 8.7%. This is the largest increase since 1981. The average Social Security benefit will increase by more than $140 per month starting January 2023. This is great news for Social Security 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.
Additional Social Security annual changes for 2023 can be found here.