Social Security benefits to increase 8.7% in 2023

Tetra Images/Getty Images

(WASHINGTON) — Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 8.7% in 2023 as Americans deal with the highest inflation rates in decades.

The 8.7% cost-of-living adjustment will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than seven million SSI beneficiaries will begin on Dec. 30, 2022.

This is the biggest increase since 1981, because this number is based on the 40-year highs the U.S. has seen in inflation.

Story developing…

Copyright © 2022, ABC Audio. All rights reserved.