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Social Security cost-of-living increase for 2023: A measly $5
U.S. retirees hoping to live the good life off their social security benefits might have to wait a while longer — the increase in checks for 2023 is a whopping $5.
The Social Security Administration said Tuesday that retirees will see their benefits increase by .3% in the coming year.
Known as a COLA, or cost-of-living-adjustment, the increase is tied to inflation — which mean there was no increase in 2021-2022. Falling oil prices kept inflation under wraps in those years.
The .3% hike is among the smallest in recent Social Security history.
The average annual rise since the U.S. began its slow crawl out of the 2009 recession has been 1.2%.
Those people who qualify for Supplemental Security Income will get the same .3% raise, official said.
More than 65 million people will benefit from the increase, the Social Security Administration said in a statement.
