September 1, 2023 – Anyone who gets a check from the Social Security Administration (SSA) each month got a hefty raise for 2023 with an average 8.7% increase due to recent inflation. The Cost of Living Adjustment (COLA) is calculated each year and the next year’s adjustment is released by SSA sometime in October preceding the next calendar year. This year’s scheduled date for the announcement is October 12, 2023, but experts have calclulated a 3% raise in next year’s benefits. The final amount will have to be determined by the Social Security Administration after September’s data is included in the calculations.
SSA began using Cost of Living Adjustments in 1975, before that time adjustments were set by legislation. The two highest COLAs were 1980 and 1981, when the adjustments were 14.3% and 11.2% respectively. Last year’s 2023 adjustment of 8.7% was the highest increase since 1981 and the third highest since 1975.
Those that receive Supplemental Security Income checks will see about the same increase as Social Security recipients.