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So, what does an 8.7% increase actually look like in your wallet? Well, it depends on your individual benefit amount. For the average retired worker, this could have translated to a monthly increase of several hundred dollars. For those with higher benefits, the increase was even more significant. To find out the exact increase, you'd simply calculate 8.7% of your current benefit amount. You can do this by multiplying your current benefit by 0.087. The impact of the 2023 COLA was widespread, with nearly every Social Security recipient seeing a noticeable increase in their monthly payments. This extra money provided some much-needed relief to many people, especially those who were struggling to keep up with the rising cost of living.
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