Social Security’s 2023 COLA Increase:

The Social Security Administration (SSA) recently announced that recipients of social security will receive a Cost-of-Living Adjustment (COLA) for 2023. According to SSA Chief Actuary John Labunski, the COLA increase is estimated to be around 1.3 percent, which would amount to an average monthly benefit increase of approximately $20 per month for retired workers.

This year's COLA increase is one of the lowest in recent years and is attributed to the slowing growth rate of consumer prices due to the pandemic. John Labunski noted, however, that despite this small adjustment for 2023, there are still about 6 million people who have seen their benefits grow by more than 22 percent since 2018 due to annual adjustments and special provisions across various categories like disabled workers and widow/widowers with children.