Social Security announces 8.7 percent benefit increase for 2023

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced today. On average, Social Security benefits will increase by more than $140 per month starting in January. The 8.7 percent cost-ofliving adjustment (COLA) will begin with benefits payable to more than 65 ...