The Social Security Cost-of-Living Adjustment (COLA) is now in effect.
It’s an exciting time for seniors, as it marks a 40-year high for benefit increases. Beyond the 8.7 percent boost, there are other interesting facts about this data point.
The average payment in 2023 is $1,688.69, up $137.03 from last year. This totals just over $20,000 yearly, and is 49 percent over the single individual federal poverty level.
This average amount impacts a whopping 66 million Americans — which means there are some Americans who could be receiving more than this.
What do you think about these numbers? How has the COLA impacted you? Share your thoughts on the average Social Security check with us. You can also find us on Facebook and Twitter.
