Social Security benefits to increase 8.7% in 2023
Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 8.7% in 2023 as Americans deal with the highest inflation rates in decades.
The 8.7% cost-of-living adjustment will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on Dec. 30, 2022.
This is the biggest increase since 1981, because this number is based on the 40-year highs the U.S. has seen in inflation.
This is a developing story. Please check back for updates.
Social Security benefits to increase 8.7% in 2023 originally appeared on abcnews.go.com
