Retirement Age

Yes, Florida State Retirees Will Get A Raise In 2023

Last Updated on:
October 16, 2023
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Retirees in Florida will receive a cost-of-living adjustment (COLA) of up to 8.7% in January 2023. This is the highest COLA since 1981 and is designed to help retirees maintain their purchasing power in the face of inflation. The exact amount of the raise will vary depending on the recipient’s current benefit amount.

For example, a recipient who receives $1,000 per month will see their benefit increase by $87. A recipient who receives $2,000 per month will see their benefit increase by $174. The COLA is calculated based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the prior year to the third quarter of the current year. The CPI-W measures the change in the price of goods and services that are typically purchased by urban wage earners and clerical workers.

The COLA is applied to all Social Security benefits, including retirement, disability, and survivor benefits. It is also applied to Supplemental Security Income (SSI) benefits. The COLA is a valuable benefit for retirees, and it helps to ensure that they have the income they need to live comfortably.

Written By:
Bryan Henry
Hi, I’m Bryan and I am delighted to make your acquaintance. Finances and business are my passions, and I have devoted myself to becoming an expert on all things related to money management. As the founder and owner of my own successful enterprise, I have acquired invaluable hands-on knowledge about entrepreneurship, budgeting, investing, and more.
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