Approximately 70 million Americans, including many IAM members, will receive an 8.7 percent cost-of-living increase in their Social Security benefits. The average retired worker can expect to receive an additional $140 per month starting in January 2023.
Active and retired IAM members have been on the frontlines advocating for increasing earned Social Security benefits and for measures that secure the solvency of Social Security. As Machinists, we continue our fight to ensure Social Security continues to pay retirees their life-long earned benefits. The IAM remains committed to the fight to achieve dignified retirement benefits for our members and all seniors.
“The IAM applauds the cost-of-living increase in Social Security benefits,” said IAM International President Robert Martinez Jr. “Our union is on record for declaring Social Security to be the most effective anti-poverty program in our nation’s history, but most importantly, it is our most important family income and disability protection program, and the cornerstone of retirement income security for many IAM members. This increase is why we must continue fighting to ensure the Biden-Harris administration has a Congress supporting working families. Now is not the time to go backward. We must go forward with an agenda that uplifts workers and their families.”
The Social Security Administration will mail COLA notices throughout December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. But if you want to know your new benefit amount sooner, you can securely obtain your Social Security COLA notice online using the Message Center in your mySocial Security account. You can access this information in early December before receiving the mailed notice. Benefit amounts will not be available before December.