Dear Friends,

I wanted to make sure you saw the Social Security Cost-of-Living Adjustment (COLA) increase for 2023. This week, the Biden Administration announced that 70 million Americans will see an 8.7 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments starting in January 2023. This is the biggest COLA boost in 40 years.

With the increase, the estimated average Social Security payment for a retired worker will increase by more than $146 a month, and a typical couple’s benefits will rise by $238 a month. Starting in the new year, for the first time in a decade, Social Security checks will increase while Medicare premiums will decrease.

This means more money for essentials like housing and rent, food on the table, and prescription drugs -- a much-needed boost for the senior households that depend on Social Security for a significant portion of their income, and a necessary adjustment as millions on fixed incomes face rising costs in this challenging time.

If you are an eligible retired worker, survivor, SSI recipient, or disability beneficiary you will be mailed a COLA notice sometime in December. If you want to know your new benefit amount sooner, you can securely review your Social Security COLA notice online using the “Message Center” in your Social Security account in early December, found here: https://www.ssa.gov/myaccount/.

While this is welcome news for seniors, there is more to do to ensure that Social Security remains a strong and reliable safety net. I will continue to support measures like the Social Security 2100 Act and the Social Security Fairness Act, which would ensure the Social Security Trust Fund remains solvent and expand benefits.

As always, my office is here to make sure you receive your earned benefits. If you need assistance getting your Social Security benefits, please contact my Bridgeport office at (203) 333-6600.

Sincerely,

Jim