Benefits will increase by more than $140 per month starting in January.
Americans who receive Social Security benefits and Supplemental Security Income (SSI) will see an 8.7% increase in payments next year. According to SSA.GOV, more than 70 million Americans will benefit from the rise, which is expected to be more than $140 a month starting in January.
Retired individuals, survivors, disability beneficiaries, SSI recipients, and representative payees receiving these benefits will get a cost-of-living adjustment (COLA) notice in the mail in December (2022).
Those who want to know the number of their new benefits sooner can access the information through the Message Center online using their My social security account. However, you will not receive the new amount sooner than January.
Acting Commissioner, Kilolo Kijakazi, said this increase would give millions peace of mind and breathing room.
"Medicare premiums are going down, and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room," Kijakazi said. "This year's substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned."
The new benefit amount is the most significant boost in 40 years, intending to lessen the financial burdens caused by the pandemic. Due to inflation and rising living costs, federal benefit rates need to increase. The Department of Labor's Consumer Price Index (CPI-W) measures the cost.
You can find more information at ssa.gov.