At the beginning of 2022, COLA benefits increased to 5.9%, representing the largest increase in the last forty years. About 70 million Americans received this adjustment, providing the average recipient a boost of $93. This increase resulted from high inflation in the second half of 2021. Prices continue to rise even faster, and experts forecast a bigger growth of about 9 -10% in COLA benefits for 2023. Social Security COLA notices are available to most beneficiaries in my Social Security Account Message Centre.