COLA Social Security payment schedule 2022, 2023 direct payments to soar to $4,555.
In 2023, Americans will be able to receive direct payments of up to $4,555.
Cost-of-living adjustments (COLAs) determine how much Social Security benefits will be each year.
A COLA amount is determined by where the consumer price index (CPI) ends up at the end of the year.
In April, as a result of the Russia-Ukraine war and inflation, the index surged by 8.3 percent.
According to the Senior Citizens League (TSCL), the COLA will rise to 8.6 percent in 2023.
With the increase, the average benefit would rise by about $143 per month to $1,800, while the maximum benefit would rise by about $361 to $4,555.
A monthly Social Security benefit of $1,657 is average this year, while a monthly benefit of $4,194 is maximum.
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