Social Security COLA 2023: $144 Increase In Benefits?


On October 13, the organization will announce its 2023 COLA.

On October 13, the government issued September inflation figures; the Social Security Administration bases its COLA on July-September inflation.

Based on inflation figures, the Senior Citizens League expects seniors will receive a COLA of 8.7%.

This would increase the average monthly payout from $1,658 to $1,802 by $144.10 per month.

Inflation has exceeded the 2022 cost-of-living increase every month this year, hitting 9.1% in June.

Social Security will announce the change this week, but seniors won't see greater payouts until January.

When will my SSI check amount increase?

Medicare, the senior health care program, said this month that Part B costs would drop by 3% in 2019.

Will Medical costs could reduce the 2023 COLA?

85% to 90% of Americans with government health insurance pay the normal premium, which is deducted from Social Security.

Beginning in 2023, Medicare seniors won't have to pay more than $35 per month for prescriptions.