Social Security Benefits Increase in 2023
Reading Time: 2 MinutesLast Updated: November 2, 2023
Approximately 70 million Americans will see a 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January.
Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are higher. The cost-of-living adjustment (COLA) helps to offset these costs.
We will mail COLA notices throughout the month of 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 personal my Social Security account. You can access this information in early December, prior to receiving the mailed notice. Benefit amounts will not be available before December. Since you will receive the COLA notice online or in the mail, you don’t need to contact us to get your new benefit amount.
If you prefer to access your COLA notice online and not receive the mailed notice, you can log in to your personal my Social Security account to opt out by changing your Preferences in the Message Center. You can update your preferences to opt out of the mailed COLA notice, and any other notices that are available online. Did you know you can receive a text or email alert when there is a new message waiting for you? That way, you always know when we have something important for you – like your COLA notice. If you don’t have an account yet, you must create one by November 15, 2022 to receive the 2023 COLA notice online.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said.
January 2023 marks when other changes will happen based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax in 2023 will be higher. The retirement earnings test exempt amount will also change in 2023.
Be among the first to know! Sign up for or log in to your personal my Social Security account today. Choose email or text under “Message Center Preferences” to receive courtesy notifications.
You can find more information about the 2023 COLA here.
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Tags: COLA, my Social Security, my Social Security account
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Sarah T.
Its a very good step to increase in the social security payment. It is a big relief for old citizens. It will definitely solve their problems. 8.7 is somehow a reasonable relief. Also use this alicia calculadora.
Dudley h.
Do you get a cost-of-living adjustment when you are eligible to retire at 62 or do you have to be retired.
Sandra
We got a 140 a month increase and my landlord raised my rent 135. I should have known better than to think I would see any extra money
Kathy F.
If you are on Disability in 2023 can you work Part Time, if so how many hours can you work per month and how much are you allowed to make
Ann C.
Hi, Kathy. Thanks for your questions. If you are referring to Social Security disability benefits, special rules allow you to work temporarily without losing your monthly Social Security disability benefits. After your nine-month trial work period, we still provide a safety net that allows you to work another three years risk free. During those three years, you can work and still receive benefits for any month in which your earnings do not exceed a certain limit. For 2023 those limits are: $2,460 for blind individuals; or $1,470 a month if you are not blind. For more information about working while receiving Social Security disability benefits, click here. We hope this information is helpful.
Jesse J.
My name is Jesse Jennings I’m 39 I receive SSI and I have been getting nothing but the runaround about my amount and it’s hurting me. I went from 800 to 200 and they wouldn’t tell my why they then said someone NOT ME was collecting workman’s comp? Which I wasn’t the woman csr told me it was there mistake they told me they fixed it until they didn’t I got evicted from my apt I have been homeless now ever since because of the low low low amount I can’t live off of that!!!help fix it pleasr
Ann C.
Hi, Jesse. We are sorry to hear about your experience and situation. For your security, we do not have access to private information in this venue. We encourage you to continue to work with your local Social Security office. You can ask to speak to a supervisor on your next call or visit. We hope this is resolved soon.
Deborah L.
Social Security Posted with our 8.7 percent increase that we would get at least 140.00 Extra, Everyone. Okay, So Why Did I Only Get A $90.00 Increase An Not $140.00???? WHERES MY OTHER $50.00 GOING? It’s Not For Medicare SO LETS HEAR IT????? WHERES MY $50.00 GOING AN WHY DID I NOT GET THE WHOLE $140.00 LIKE YOU SAID?? AN ITS IN PRINT WHAT YOU STATED¿????????????????¿?
Ricky b.
Yes we need help and a increase in ss and ssi benefits sure would help I had no choice but to retire at the age of 62 because I got hurt and can’t work I put about 35 years of work in before I became disabled I don’t think the SS amisterstion should cut a man’s SS beouse he or she gets hurt and can’t work I get 1400 a month and it’s really hard to live on that amount our president is helping the working people witch is good but people that’s on SS needs help to we payed our dues already he has for got a bought us so yes we need a rase we need help
Catherine C.
Very good point! I’ve was disabled from Lyme disease and Bell’s palsy since 2017. I only get Medicare and I receive $1433.00 I use to receive 1598.00.
I have to now pay for my part B;$170.00 . So my income has dropped $160.00. I can barely afford to pay my bills and I can’t even afford groceries. I’m not understanding why?
Pat S.
Does the COLA each year affect your online Retirement estimate by the percentage of the COLA? And what about the estimate given for a widow’s benefit?
eric a.
a cost of living raise dec. 2022 do we get another raise in 2023
Ann C.
Hi, Eric. Thanks for your question. We will not know if there will be a Cost-of-Living Adjustment (COLA) for 2024 and if so the amount of the COLA, until late October when the Department of Labor releases information on inflation for the past year. For the latest news and updates on Social Security, please check out our webpage. We hope this helps.