Per Axios
Social Security Administration to Increase Benefits by 8.7% in 2023 Amidst Rising Consumer Prices
10/13/2022
The Social Security Administration announced an 8.7% benefit increase by 2023 amidst rising consumer prices. This is the biggest benefit jump since 1981, resulting in an additional $140/month.
In December, roughly 70 million recipients will receive cost-of-living adjustment (COLA) notices. The SSA uses a formula involving the consumer price index to ensure COLA checks aren't consumed by inflation.
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