2023 Social Security Cola Increase 

Although millions of Social Security users would see big increases in payments beginning in January 2023, an expert believes inflation will eat up the majority of it.

Social Security recipients will receive an 8.7% boost in benefits beginning in 2023, known as a cost of living adjustment, or COLA.

The recent cost-of-living adjustment (COLA) will boost Social Security benefits by $140 a month, the most in 40 years. Inflation may slow shortly, but it's questionable.

According to the Bureau of Labor Statistics, inflation rose 8.2% year on year in September (BLS). Food at home and energy prices, in particular, jumped by 13% and 19.8%, respectively.

Americans are battling with near-record inflation and debt. The Federal Reserve Bank of New York reported that household debt reached $16.15 trillion in Quarter 2 2022.

The balances on credit cards alone climbed by $46 billion to reach a total of about $1 trillion, which is the highest increase in more than 20 years.

If you want to know how much your payments will increase, you must open an online My Social Security account by November 15 to see the change.

A My Social Security account may give you your current or predicted future benefits based on your anticipated retirement age and employment experience.

Take note that your increased Social Security payment will begin in January 2023. If you receive Supplemental Security Income, your first higher payment will be made on December 30.