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 Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Benefits that Social Security beneficiaries receive will increase in January 2023, while increased SSI payments will start on Friday, Dec. 30, 2022.
COLA notices will be mailed throughout the month of December 2022, the agency said. Those who don’t receive a notice were advised to wait until January 2023 before contacting the Social Security Administration.
The agency said COLA notices can also be viewed online through mySocial Security accounts beginning in early December.
You can find more information about the increase on the Social Security Administration’s website.
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