Individuals receiving Social Security benefits will see a significant cost-of-living adjustment (COLA) increase in 2023. One of the largest increases in recent years, the Social Security recipeints 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.