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Social Security Recipients to Get Another Increase in 2023

Posted by Aubrey Carew Sizer | Oct 10, 2022

This cost-of-living adjustment (COLA) is the largest boost to Social Security benefits in more than 40 years. The increase for 2022 was 5.9 percent.

How Much More Will I Receive?

For more than 65 million individuals currently receiving these benefits, payments will rise by about $140 on average per month.

If you are a Social Security beneficiary, you can get an estimate of how much more you will be receiving in 2023 by using the online My Social Security portal on the Social Security Administration website. Later this year, the agency will also send notifications to all beneficiaries via snail mail regarding their increased benefit amount.

What If I Receive SSI, Too?

Supplemental Security Income (SSI) supports more than 7 million limited-income seniors and people with disabilities. If you also receive SSI, you will see a slightly higher payout as well – $73 a month on average. This adjustment will begin December 30, 2022.

Access a listing of all the 2023 Social Security changes.

About the Author

Aubrey Carew Sizer

Aubrey Carew Sizer is the Principal Attorney of The Law Office of Aubrey Carew Sizer PLLC, a Northern Virginia law firm providing representation for Wills, Trusts, and Estate Planning, Long-Term Care Planning, Guardianship and Conservatorship, Special Needs Planning for the Disabled, and Probate, Estate and Trust Administration.

Services

The Law Office of Aubrey Carew Sizer PLLC provides customized and affordable estate planning (including wills, living trusts, powers of attorney, and advance medical directives); elder law services (including long-term care planning, special needs planning for the disabled, and guardianships and conservatorships); probate, estate and trust administration (including advising executors and administrators of estates about post-mortem planning and the local probate process in Virginia), as well as general aging and disability advice in Northern Virginia, including but not limited to Arlington, Alexandria, Ashburn, Bristow, Burke, Centreville, Chantilly, Gainesville, Fairfax, Falls Church, Haymarket, Herndon, Leesburg, Manassas, Manassas Park, Reston, Springfield, Sterling, and throughout Loudoun, Prince William, and Fairfax counties.

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