The federal government announced on October 13, 2022, that the Social Security Cost of Live Adjustment (COLA) for 2023 will be 8.7%, which is the largest increase since 1981. This increase will provide an additional $146 per month for the average retiree. This is a significant increase over the 2022 increase of 5.9%.
Social Security recipients will receive a notice in the mail in early December showing their new benefit amount. Recipients will see an increase in their January 2023 payment. Those receiving SSI will see the increase on December 31, 2022.
Owners and managers of properties that are required to determine the income of residents should use the new COLA SS rate when projecting the income of applicants and residents. This also affects persons receiving SSI, VA pensions, Civil Service Pensions, and Railroad Retirement.