Social Security Benefits are set to increase as those who receive benefits and Social Security Income will see a 3.2 percent jump from 2023. This increase will be effective for payments that will be received in January. Jack Myers, a Public Affairs Specialist with the Social Security Administration explains what this means for beneficiaries.

Cost of Living Adjustment or COLA is an important aspect of the amount paid out to beneficiaries as the amount of benefits rises with increases in cost of living or inflation.

Letters have been mailed out to the over 71 million Americans who qualify meaning no registration or update is needed for a citizen to receive their benefit increase.

For information about Social Security Benefits or more visit the Social Security Administration’s website at ssa.gov.

Jack Myers appeared as a guest on the WTIM Morning Show.