Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase by 8.7 percent in 2023. The 8.7 percent cost-of-living adjustment will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023.
Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. The Release from The Social Security Administration states as well that “Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room.