SSA Cost of Living Adjustment Announced for 2023
Recently, the SSA announced that the cost-of-living adjustment (COLA) for 2023 is 8.7% – the highest increase in payments in decades. This boost in monthly benefits will begin in January 2023. This is the highest the COLA has ever been since 1981, which saw an increase in benefits by 11.2%. For the approximately 70 million…