The bolstered cost-of-living adjustment comes in response to red-hot inflation gripping the country and will kick in next January. The average Social Security check of $1,681 in 2022 will jump up to $1,827 in 2023 as a result of the adjustment.
Some 70 million Americans are enrolled in the program. The exact cost-of-living boost one receives depends on one’s current Social Security payment, which can theoretically go as high as $4,194 depending on one’s standing, according to the Social Security Administration.
In order to calculate the exact bump that one will receive from the cost of living adjustment, multiply your Social Security benefit by the 8.7% cost-of-living adjustment. Additional information about the adjustment can be found on the SSA website.
The cost of living bump marks the largest in 40 years, with the last time the SSA gave a larger increase having been in 1981 when it was 11.2%.
Beneficiaries on disability will get a boost of about $119 a month, going from $1,364 in 2022 to $1,483 in 2023, according to the SSA. Individuals enrolled in Supplemental Security Income will see their benefits jump $73 a month, up to $914 monthly checks in 2024. Their first bolstered payment is slated for Dec. 30 this year.
Earlier this month, the Bureau of Labor Statistics announced that consumer inflation rose 8.2% over the past 12 months ending in September. The COLA for 2022 was 5.9%.