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Cost-of-Living Adjustment

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Here's When Social Security Recipients Will See Largest Bump In Benefits In 40 Years Here's When Social Security Recipients Will See Largest Bump In Benefits In 40 Years
Here's When Social Security Recipients Will See Largest Bump In Benefits In 40 Years Social Security beneficiaries are about to see their largest increase in benefits in four decades. Starting in 2023, recipients of Social Security benefits and Supplemental Security Income (SSI) payments will see their benefits go up by 8.7 percent, according to the Social Security Administration. Approximately 70 million Americans will benefit from the bump, the agency said, with an average increase of more than $140 per month expected. The increase will follow the agency’s annual cost-of-living adjustment (COLA), which is required by federal law and based on the Department of Labor’s C…

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by Michael Mashburn