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Here's How Much the Average Social Security Benefit Increased in 2023

Beneficiaries got the highest COLA in decades, and here's what it means.

By Matt Frankel, CFP – Feb 16, 2023 at 6:11AM EST

The average retired worker was receiving more than $1,800 from Social Security in 2022, and that was before the highest cost of living adjustment in decades was applied. In this short video, Matt Frankel, CFP®, discusses what the increase has meant to beneficiaries in 2023.

*The video was published on Feb. 13, 2023.

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About the Author

Matt Frankel, CFP
Matt Frankel, CFP, is a contributing Motley Fool stock market analyst specializing in the real estate and financial sectors. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, Globe St, The National Desk, and other TV networks and publications for his real estate, financial, stock market, and investing expertise.
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The Motley Fool has a disclosure policy. Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

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