Social Security Announces Biggest Benefit Hike Since 1981. Here's When You'll Get It.

By Aimee Picchi, CBS Dallas/Fort Worth

October 13, 2022

With inflation still up, tips to keep your wallet happy

Every fall, the Social Security Administration makes an announcement that has a major impact on the 66 million people who receive benefit checks. The annual inflation adjustment is aimed at keeping seniors from losing purchasing power.

The agency on Thursday said its 2023 cost-of-living adjustment, or COLA, will be 8.7%, the highest since 1981. The Social Security Administration bases its COLA on the inflation rate during the third quarter, or July through September — with the government earlier on Thursday saying that inflation in September jumped 8.2%.

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