How Much Higher Will Your First Social Security Check Be in 2023?

How Much Higher Will Your First Social Security Check Be in 2023?

Each year, Social Security benefits are subject to cost-of-living adjustments, or COLAs, the purpose of which is help make sure that benefits are able to keep pace with inflation. Many seniors get all or most of their retirement income from Social Security alone. In 2022, Social Security benefits got a 5.9% COLA due to high levels of inflation.