The COLA is tied to the rate of inflation. With 40-year highs in price increases, the 2023 Social Security COLA aims to help retirees continue to pay for higher living expenses. When including the ...

For 2023, those collecting Social Security will see a COLA increase of 8.7%. This means that if you are collecting $2,000 a month in 2022, next year you’ll see that number go up to $2,174 per month.

In 2022, the COLA was set at 5.9 percent and then skyrocketed to 8.7 percent in 2023. For 2024 ... Seniors are still likely ...

For a detailed list of 2024 benefits by category compared to 2023 benefits, see SSA's COLA fact sheet. Profit and prosper with the best of expert advice on investing, taxes, retirement ...