Social Security Administration Announces 8.7 Percent Cost of Living Adjustment

The Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023. The 8.7 percent cost-of-living adjustment will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023, with increased payments for more than 7 million SSI beneficiaries beginning on December 30, 2022.