Capitol Correspondence - 10.18.22

Social Security Administration Announces 8.7 Percent Cost of Living Adjustment

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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.