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LARGE SOCIAL SECURITY PAY INCREASE 2023

 

In a few days the Social Security Administration (SSA) is set to announce the largest benefit increase in 40 years.  It's the 2022 COLA or Cost of Living Adjustment, which increases Social Security benefits to keep up with inflation.

The announcement will come in October and take effect with January 2023 benefit payments.  Based on the Consumer Price Index, the increase is expected to range between 8.3 and 9.3 percent.

That would be the biggest raise since 1982.

What must you do to get this benefit increase?  Nothing.  The government will automatically increase Social Security benefits.  You will not need to verify your income, financial resources, or any of that stuff.  

As long as you are currently entitled to a Social Security benefit, the COLA will take effect automatically starting in January 2023.


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