Social Security Checks Are Much Bigger in January. Learn About the Record Hike

Monthly payments are rising by 8.7% due to a cost-of-living adjustment, or COLA.

The 2022 COLA, in comparison, was only 5.9%.

For more on Social Security, learn how toaccess your payments onlineandhow benefits are calculated.

What is COLA?

How much are Social Security benefits increasing in 2023?

The 2023 COLA is8.7%.

Here’s how that breaks down for different groups, according to theSocial Security Administration(PDF).

If you missed the letter, you might still verify your increase via theMy Social Security website.

When will I see the increase in my Social Security check?

Read on:Is the 2023 COLA for Social Security Too Small?