Retirees enrolled in Social Security are set to get a record pay bump of over $140 a month on average due to a cost-of-living adjustment for the new year.
The boosted adjustment comes as Social Security recipients continue to face inflation across the United States. Thanks to this adjustment, however, the average Social Security check of $1,681 will jump up to $1,827 next year thanks to the adjustment.
The 2023 adjustment marks the highest cost-of-living adjustment that the Social Security Administration has made in over 40 years, when an adjustment of 11.2% was made in 1981.
Beneficiaries on disability will also get a boost next year, receiving an additional $119 on top of the $1,364 in 2022 to be given $1,483 every month in 2023, according to the SSA. Those enrolled in Supplemental Security Income will see their benefits jump $73 a month, up to $914 monthly checks in 2023.
The highest adjustment made by the SSA was in 1980, when the adjustment was 14.3%. There have only been three years when the adjustment was 0%, being 2010, 2011, and 2016, according to the SSA.
About 70 million are enrolled in the program. The exact cost-of-living boost one receives depends on one’s current Social Security payment, which can theoretically go as high as $4,194 depending on one’s standing, according to the SSA.
In order to calculate the exact bump that one will receive from the cost-of-living adjustment, multiply your Social Security benefit by the 8.7% cost-of-living adjustment. Additional information about the adjustment can be found on the SSA website.