Social Security recipients will see a big boost to their monthly benefit checks in 2023. According to the Social Security Administration, the cost-of-living adjustment (COLA) will be 8.7% for fiscal year 2023 — the biggest increase since 1981.
By Josephine Nesbit
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Social Security bases the COLA on changes to the Consumer Price Index (CPI) each year to help offset rising prices due to inflation. The latest CPI report (released Nov. 10) shows that inflation is easing, but a 7.7% increase for the all-items index for the 12 months ending October means that many Americans, especially retirees, are still feeling the pinch.
The COLA will begin in Jan. 2023 for about 65 million Social Security beneficiaries, says the SSA, and bigger payments to more than 7 million Supplemental Security Income (SSI) beneficiaries will begin on Dec. 30, 2022.
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You can find out your new benefit amount by creating a free my Social Security account. You can also check your Social Security statement, change your address, report wages and more. In Dec., the SSA says that Social Security COLA notices will be available online to most beneficiaries in the message center of their my Social Security account. However, beneficiaries will still receive notices by mail unless they choose to opt out of receiving notices by mail that are available online.
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