Later this year Social Security benefit recipients will begin to see an 8.7% increase in their monthly payments. While some beneficiaries will notice an increase in December of this year, most will begin receiving the increase in January of 2023. Throughout the last few decades, the social security benefit rate has only increased about 1.5 – 5%. The 2023 increase will be the 4th largest increase since 1975. Find more information at SSA.gov.