The COLA and Social Security Increase

The Social Security Administration announced Thursday that SSI benefits for millions of Americans will increase 8.7 percent in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January. While the increase is historic, inflation blunts the news for retirees, as the increase will likely not track with the cost of food and other everyday necessities.

Richard Fiesta is the Executive Director at the Alliance for Retired Americans. Earlier in his career, he worked in both the executive and legislative branches of government, serving at the Departments of Labor and Interior and for Senators Barbara Mikulski and Harris Wofford. As part of our #MoneyMonday series, he joined the podcast talk about the cost of living adjustment, Social Security and other issues facing retirees.

 

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