Social Security Benefits Hike in 2023

Social Security Benefits Hike in 2023

Around aprox 70 million Americans will see a 8.7% increase in their Social Security benefits and SSI payments in 2023

Social Security benefits will increase by on an average $140 per month starting from January

The CPI-W rises when inflation increases leads to a higher cost of living which leads prices for goods and services are higher COLA helps to offset these costs

SSA mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees

Create my Social Security account to know your new benefit amount sooner

In my Social Security account you can obtain Social Security COLA notice online 

To access your COLA notice online you can log in to your personal my Social Security account to opt out by changing your Preferences in the Message Center

If you dont have an account yet must create one by November 15, 2022 to receive the 2023 COLA notice online

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