On October 14, 2022, the Social Security Administration announced an 8.7% cost-of-living adjustment (COLA) that will begin in January 2023. This is the largest COLA adjustment in 40 years and was approved to address the high inflation rate. The adjustment will impact both Social Security Disability (SSDI) and Supplemental Security Income (SSI) benefits and the average beneficiary will see an increase of more than $140/month. Increases in SSDI benefits will start in January 2023 while SSI adjustments will start on December 30, 2022.
According to Acting Social Security Administration Commissioner Kilolo Kijakazi, this is the first time in over a decade where Social Security benefits are rising, and Medicare premiums are going down. To determine what your new benefit rate will be, access your online “mySocialSecurity” account. If you have not created an account, go to www.ssa.gov/myaccount. For information related to Medicare changes for 2023, go to www.medicare.gov.