More than 7 million Americans were slated to begin receiving larger government benefit payments on Dec. 30, 2022, after soaring inflation prompted a near-record high 8.7 percent cost-of-living adjustment (COLA) that, as the year progresses, will ultimately see nearly 70 million people getting a boost in benefits.
Social Security and Supplemental Security Income (SSI) benefits were slated to increase by about $140 per month on average after the Social Security Administration (SSA) announced earlier in 2022 that the cost-of-living adjustment for 2023 would be the largest since the 1980s.
