The Social Security Administration (SSA) has announced that the cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) recipients will increase by 2.8% in 2023. This is a larger increase than the 1.3% COLA in 2022. The SSA makes this adjustment each year based on inflation, as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers. The new benefit amounts will be payable starting in January 2023.
