The additional amount averages $140 per month.
The Social Security Administration announced that Social Security benefit payments will be increasing by 8.7 percent in 2023. This will raise the average monthly payments by $140. The amount is determined by the rise in inflation as measured by the Department of Labor’s Consumer Price Index, and the Social Security Administration uses a formula to incorporate a cost-of-living adjustment to offset those extra costs.
“Medicare premiums are going down, and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” said Acting Commissioner Kilolo Kijakazi. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.”
As the Lord Leads, Pray with Us…
- For Acting Administrator Kijakazi and Social Security staff as they implement the increased cost of living payments.
- For the president and his economic advisors as they assess solutions to inflation.
- For the Federal Reserve Board as they continue to address the rising cost of living through interest rate increases.
Sources: Social Security Administration
