The Social Security cost-of-living adjustment (COLA) is going to take highest jump of 8.7% in 2023. But everyone is not going to get this increase. Here is the detail why your checks might not Actually Increase by 8.7% in 2023

The COLA never directly applied to anyone's monthly checks. government always applies COLA to primary insurance amount (PIA)

PIA is the amount which makes you qualify for based on your work history always at your full retirement age 

So, if you wait until the full retirement age to claim, your PIA and monthly benefit amount will be same and you get full amount 

But, if you claim early like age of 62, your PIA and monthly benefit amount will be differ and you get reduced amount 

Medicare Part B premium will also impact your social security benefits in 2023

government will less $164.90 from each check for your Medicare Part B premium in 2023