Each year, Social Security benefits are recalibrated with a cost-of-living adjustment, orCOLA.

Retirees' checks went up 5.9% this year, reflecting ongoing economic instability.

The bump for 2023, though, is expected to be even larger – potentially the largest since 1981.

The CPIhit 8.5% in Julyand8.3% in August.

When will the Social Security Administration announce the COLA increase for 2023?

How much could Social Security benefits increase in 2023?

With the CPI for August now available, the nonprofitSenior Citizens Leaguehas predicted a COLA increase of 8.7%.

Either figure would be the largest increase since 1981, when theCOLA was 11.2%.

When will I see the increase in my Social Security check?

The annual increase goes into effect with December benefits, which appear in checks dated January 2023.

Retirees born between the 21st and the last day of the month receive benefits on the fourth Wednesday.

In that instance, your first increase would appear on Jan. 25, 2023.

Beneficiaries should then receive letters detailing their specific benefit rate in December.

you’re able to also check your rate on theMy Social Security website.