Social Security Benefits Increase in 2023

October 13, 2022 • By

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Last Updated: October 13, 2022

older adults standing and talkingApproximately 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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  1. prashant s.

    I liked this information very informative sir.

  2. gregg

    I applied online in October 2022, my benefit amount was a 2558 for February 2023 start I assumed this was not with the cola increase announced in October and was expecting a larger amount come February 2023 when my benefit starts. My letter I received a few days ago has the same amount that i saw in October? is it possible the cola increase never was added?

  3. a.l. r.

    I am retiring at age 65 at the beginning of the first week in Jan.2023. so I am retiring 1 yr and 8 months early to my full retirement age. I am wanting to know if I qualify for the 8.7% cola increase to my social security benefit ???

  4. George M.

    Will there be an increase in Social Security Funeral Expense benefits
    for 2023?

  5. David J.

    Good day,

    I have not seen the COLA increase for 2023 reflected in my statement. I have had an on-line account for years. Any idea when I can expect to see this or how I can resolve? thanks.

    • gregg

      I have the same issue- I applied back in october, it told me my benefit amount but when I received my acceptance letter a few days ago it had the same amount from back in october – i was expecting a 8.7% increase?


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