The Social Security Administration has just made its announcement of the annual cost-of-living adjustment, or COLA, for 2023. The agency bases this adjustment on the inflation rate during the third quarter, July through September. The 2023 increase for the 66 million people who receive benefit checks is set to be 8.7%, the largest annual increase since 1981.
Social Security cost-of-living adjustment will be 8.7% in 2023, highest increase in 40 years
October 13, 2022