Retirees to Receive an Increase in Social Security Payouts in 2023

Photo: Susan Tompor / Detroit Free Press / USA Today

DETROIT, August 16, 2022 ~ Retirees collecting Social Security benefits can expect an eight to nine percent higher payout in 2023 due to cost of living adjustments (COLA), according to expert estimates.

They have got to get inflation under control,” said Detroit Free Press Columnist Susan Tompor to 760 WJR’s Paul W. Smith. “Whatever adjustment you give here right now with Social Security, that’s great, but if prices keep going up, it only catches you up to where you were last year.”

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August 17, 2022 ~ Detroit Free Press Columnist Susan Tompor speaks with Paul W. on the Social Security benefits hike that could bring retirees an extra $1,800 on average in 2023.

The benefit automatically applies to those who are 62 and older in 2023, even if you have not yet filed for benefits.

You’re eligible for cost-of-living benefit increases starting with the year you become age 62,” the Social Security Administration noted in a statement. ”This is true even if you don’t get benefits until your full retirement age…

The Social Security Administration will announce the official COLA for 2023 in October.

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