Social Security COLA 8.7% When You Will  Receive Your Checks

Social Security COLA 8.7% When You Will  Receive Your Checks

Recently SSA made a major announcement that the COLA for 2023 will be 8.7%

This is an attempt to help Social Security keep pace with rising inflation

In 2022 you will receive your normal benefit Social Security Amount

Social Security 8.7% COLA will take effect in January 2023

Starting in January you will receive an extra 8.7% each month

As per SSA in 2022 average retiree will collects near about $1,681 per month

Starting in January 2023 the average benefit will increase to around $1,827 per month

You can see your updated benefit amount in mySocialSecurity account by checking your messages within your profile

Else you should receive a notice in the mail sometime in detailing your new benefit amount for 2023 

COLA not only affect your monthly checks It will also affect other areas such as earnings limit,  maximum benefit amount, and maximum taxable earnings limit 


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