Tens of millions of retirees and disabled workers will see their monthly benefits rise by 8.7 percent in 2023 to help combat rampant inflation, the Social Security Administration announced Thursday.
It’ll be the highest cost-of-living adjustment for Social Security beneficiaries since the last period of sustained inflation in 1981, according to agency records.
Starting in January, the big COLA amounts to an average of $146 extra per month above this year’s payments for more than 65 million retirees, survivors and disabled workers. An additional 7 million beneficiaries of Supplemental Security Income benefits for low-income elderly, blind or disabled adults and children will also see the 8.7 percent increase.
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