Approximately 70 million Americans will get a boosted Social Security amount worth $144 this 2023.
COLA confirmed The Changes
The cost-of-living adjustment (COLA) for 2023 will be boosted to 8.7 percent. The Social Security claimants will expect an average worth of $144.10 in addition to their monthly benefits in Social Security. The increase was primarily influenced by skyrocketing inflation that ravaged prices around the country this year. This change affects beneficiaries of Social Security, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI).
The new increase will take effect in January for retirees and on December 30 for SSI claimants. Last year, the COLA was 5.9 percent, which was the most significant increase in decades. Moreover, according to the SSA, the average Social Security benefit has risen by $92 in 2022- from $1,565 to $1,657 a month.
Here’s How To Estimate Your Payments
To know your current payment you can calculate it on the Social Security Administration website. When you are already on the website you will be directed to create a My Social Security account which offers a specific estimate of your potential benefits.
The account also includes options to receive email and text alerts on upcoming social security announcements, including those regarding the COLA. My Social Security is also a handy online resource for current claimants.