Social Security Increase 2023
These premiums are deducted from your social security. The 8.7% cola is the biggest annual increase since the 11.2% adjustment. With the payment increase in 2023, forbes said 8.7% more will equate to an average added monthly benefit of $144 for individuals and $240 extra for couples filing jointly. Starting in january 2023, social security beneficiaries will receive an 8.7% increase in benefits due to a cost of living adjustment, or cola.
Here’s what that looks like for the average recipient: With this in mind, experts. Beneficiaries will see their monthly payments increase by 8.7%,. 5 big changes retirees should plan for watch for these 5 changes to social security in 2023.