2023 COLA Increase in Social Security Benefits

The cost of living adjustment will affect many San Franciscans.

In 2023 individuals receiving Social Security benefits will see a significant cost-of-living adjustment (COLA) increase. In one of the largest increases in recent years, the Social Security recipients will see a 8.7% COLA increase, which will translate to approximately $140 per month. The purpose of a COLA is to offset increases in the cost of living due to inflation. Notices will be mailed throughout the month of December 2022 by the Social Security Administration to SSI recipients, SSDI beneficiaries, and payee representatives, along with those receiving retirement benefits and their survivors.

In early December, beneficiaries who want to learn what their individual 2023 benefit amount will be can log into their my Social Security account (www.ssa.gov/myaccount/) and check for a secured message summarizing their benefits. If a beneficiary does not have an account they will need to create one. It is important to note that in order to receive the 2023 COLA notice online, beneficiaries need to create a my Social Security account before November 15, 2022, or they will have to wait for the December notice to arrive via US Mail.

Resources:

Social Security Benefits Increase in 2023 by Jeff Nesbit, Deputy Commissioner of Communications, October 13, 2022, https://blog.ssa.gov/social-security-benefits-increase-in-2023/

Social Security COLA Increase 2023: How to See the Amount You’ll Get by Katie Teague at CNET, November 1, 2022, https://www.cnet.com/personal-finance/social-security-cola-increase-2023-how-to-see-the-amount-youll-get/

Social Security San Francisco https://www.ssa.gov/sf/