COLA

Social Security Benefits Increase in 2023

October 13, 2022 • By

Reading Time: 2 Minutes

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.


Tags: , ,

See Comments

About the Author

Comments

Please review our Comment Policy before leaving a comment.

  1. Gilbert

    What would the new amount be for people who receive $943 in SSDI?

    Reply
  2. Gina

    Will everyone’s COLA be increased next year by 8.7 %? Even those not yet collecting?

    Reply
    • Teresa B.

      Will everyone’s COLA be increased next year by 8.7 %? Even those not yet collecting

      Reply
  3. Karen t.

    The “my benefit” page indicated we receive the increase in December, however, my deposit today, december 2nd, did not show the increase. What’s up?

    Reply
    • Shalimar A.

      I receive SSI and my regular amount was deposited today, 12/02/22

      Reply
      • Ann C.

        Hi, Shalimar.  Thanks for visiting our blog and for your concern. For more information, please visit here. Thanks, again.

        Reply
    • Ann C.

      Hi, Karen. Thanks for visiting our blog and for your concern. For more information, please visit here. Thanks, again.

      Reply
    • Tommy l.

      Why didnt I get my increase December 2

      Reply
  4. kat

    Hi new to As my 65 birthday is in December ! I am still going to keep working, how much gross can I make in 2023 ? Thanks !

    Reply
  5. Eli

    There are articles stating “senior get a stimulus check” Is this tue? And if so do we need to apply for it?

    Reply
    • Dorrell D.

      Is this true

      Reply
  6. Susan K.

    How much is allowed to make in wages in 2023 when on disability ?

    Reply
    • Angela H.

      Susan, I believe it is $1350 for a 9 month period. It would be best for you to contact SS or contact a Ticket to Work advocate that also is connected with SS.

      Reply
  7. Jehramie

    So how much is the art b premium going to be? is it going to stay at $170 a month or go down like they said in the summer.

    Reply
    • Angela H.

      Every one is different. People need to realize that their benefits are based on their past working hours. I believe your $170 deduction will be reduced to $164.90. At least that is what my $170 deduction will be reduced to. All should refer to their benefits letter at my social security. gov.

      Reply
  8. Michael A.

    When will the raise for 2022 be effective? Was told it would be on December 01, 2022. Did not appear on my Direct Express account this morning.

    Reply
    • Tammy

      It will be in your check for January of 2023.

      Reply
      • Karen t.

        Well then, it should be two months worth of the increase as my notice clearly indicates it would appear in the december deposit.

        Reply
    • Ann C.

      Hi, Michael. Thanks for your question. The 8.7 percent 2023 cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. We hope this helps. 

      Reply
    • Angela H.

      Michael, beginning December, will then be instituted in your January payment. It’s the same as mine.

      Reply
    • Craig J.

      Michael, The same thing occurred to me when I looked at my statement 2 days ago, and it said an amount that was 8.7% more before deductions with the next payment date being December 2 2022. Todays Statement says the increase will be in January 2023 which makes sense.The increase will be greatly appreciated.I hope this helps.

      Reply
  9. Willie T.

    This article is fake news. The increase is not 140 dollars. My increase was a measly 73 dollars.

    Quit lying!

    Reply
    • Sunny

      The article says “on average”, not that everyone will receive $140.

      Reply
      • Willie T.

        Perhaps you struggle from poor reading comprehension. It says “Social Security benefits will increase by more than $140 per month starting in January.” On average MORE. For someone calling themselves Sunny, you aren’t too bright.

        Reply
  10. Lisa p.

    my regular SSDI payment is 916.00 I looked at my account now it saids 996.00 that is not 8.7 % of the cost of living I heard from someone we get 140.00 added to our checks so I am really getting confuse here can someone tell me if we are getting 140 or not by next yer

    Reply
    • Larry

      The average is $140, so some will see more and some less

      Reply
      • Larry

        Ps 8.7% of 916.00 takes you to 995.69

        Reply
    • Tammy

      8.7% for 916.00 is 80.00, so 996.00 is right,

      Reply

Leave a Comment

Please review our Comment Policy before leaving a comment. For your safety, please do not post Personally Identifiable Information (such as your Social Security Number, address, phone number, email address, bank account number, or birthdate) on our blog.

Your email address will not be published. Required fields are marked *