Social Security COLA Increase for 2023: What You Need to Know
Increased Payments to Begin on December 29, 2023
In response to the rising cost of living, the Social Security Administration (SSA) has announced an 8.7% cost-of-living adjustment (COLA) for 2023. This will result in increased monthly payments to approximately 75 million Supplemental Security Income (SSI) recipients beginning on December 29, 2023.
Impact on SSI Recipients
The 8.7% COLA will be applied to all SSI payments, including both the basic benefit and any supplemental payments. This means that the average SSI recipient will receive an additional $146 per month, while the average couple will receive an additional $230 per month.
The SSA notes that this is the largest COLA increase since 1981, when SSI recipients received an 11.2% COLA. The adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures the change in the prices of goods and services purchased by workers in urban areas.
Conclusion
The increased payments to SSI recipients will provide much-needed financial relief to millions of Americans who rely on these benefits to make ends meet. The 8.7% COLA is a significant increase that will help to offset the rising cost of living and ensure that SSI recipients can continue to meet their basic needs.
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