COLA

Social Security Benefits Increase in 2023

October 13, 2022 • By

Reading Time: 2 Minutes

Last Updated: November 2, 2023

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.

Did you find this Information helpful?

Yes
No
Thanks for your feedback!

Tags: , ,

See Comments

About the Author

Jeff Nesbit, Deputy Commissioner for Communications

Related Articles

Social Security Benefits Increase in 2019

Social Security Benefits to Increase in 2018

No Cost-of-Living Adjustment for 2016

2015: The Year In Review

Comments

  1. Robert K.

    Why not just give me a form to enter my current Social Security benefit amount, and then generate and give me the new COLA adjusted amount for the new year.

    When available, include the change in the Part B Medicare amount and include that too in the calculation.

    • John T.

      What’s your beef?
      If you receive a retirement or disability pension
      from a federal, state, or local government
      based on your own work for which you didn’t
      pay Social Security taxes, we may reduce your
      Social Security spouses or widows or widowers
      benefits.

      • Matthew L.

        Hey John T. You seem to be well informed. I’m getting close to retiring but as of now still in the work force. Will I see the COLA increase in my monthly ESTIMATED benefits which seem to go up a few dollars at the 1st of each month?
        Thanks

    • mattie g.

      Yes I would love to rejoice and thank God for the race but Jessica but just got a letter saying my rent is going up a $150 So it doesn’t belong to me if it belongs to my landlord and in the grocery store and the light company do do ever the old people get a break worth all my life never thought this is way it would come too can’t we ever get a break a break I’d love to visit my grandchildren but can never afford it but to God be the glory and thank you for trying

    • American C.

      To easy for you to notice them ripping you off. You will take what they give you. You are a PEON in the eyes of whom you elected. But you keep voting for them.

  2. Harvey K.

    It is a shame that I am under the offset and windfall provisions of the Social Security which is not allowing me to get the full amount of the benefits that I earned. Wake up Congress! Remove those provisio9ns!!!

  3. David

    I wish people would stop assuming that they know how much Medicare premiums will be in 2023 when there hasn’t been an announcement yet. Third party news sources don’t know anything, just like they were trying to predict how much they thought the COLA would be for 2023 in February, 2022. Stop relying on those sources and simply be patient and wait for the official announcement from Social Security and Medicare the official sources who don’t make predictions on what they think it will be.

  4. Debra

    I don’t understand why alot of you are complaining it’s a relief for me and my stamps never go down just because we get a raise on ssi I’m welcoming the change that helps me out alot but anyway that’s just my opinion be greatful for what you get

    • Linda H.

      I’m glad to see you appreciating the great increases we are getting this year. For many I see on here nothing positive that we receive is ever enough. Those like you give me hope!

    • Tbone

      Yes good for you better than living in Ukraine

    • laura

      happy with what you get, ma’am do you for how many years they take away SSI out of our checks.

    • Tina A.

      AMEN!

  5. Kelly l.

    I really hope this doesn’t effect my medicade. If it come that I’ll have to start paying premiums again then this raise didn’t help at all.

  6. Marty E.

    I am just grateful that these increases are in the pipeline! When you’re alone and not part of that 1% (or 2%) and have to struggle from day to day to try and pay your bills, keep food in your fridge, you pray for some relief…I take the energy away from complaining and put it towards trying to find a way of living a decent and caring life…and being grateful! I’m not at all saying to forget and pretend the struggle isn’t real…it most certainly is…but just being determined to somehow make this all work for a meaningful life!

  7. Kim P.

    And Medicare will go up by 8.6 %

    • bondit58

      no its actually going down about $5.00 per month. please get your facts straight

      • David

        Where did you get that information about Medicare is going up or down? The article didn’t mention anything about an amount it just says 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.” Nothing about an actual amount.

        • Tom

          Go to the Medicare sign and select regular instead of advantage it says already 164.90

        • Tom

          Here’s the link https://www.medicare.gov/basics/costs/medicare-costs

        • dorassoc

          Here are the Medicare rates for 2023 – if you are receiving free Part A, then your monthly rate for Medicare Part B (doctor) will be $164.90 – down from the 2022 rate of $170.10. The information quoted below by Tom is not correct. My information comes from the same document Tom read, but he didn’t read the entire message.

    • Joanne

      That’s what happened with the last benefit increase. The same amount of the increase was deducted for Medicare. A scam on the people. At least our taxes give the politicians high salaries and the best healthcare our money can buy.

      • Pat V.

        It’s true that government is taking money from retirees. I call it “Highway Robbery”.

    • Jennette

      8.7 %

    • Katie B.

      Read the notice again as it plainly states the Medicare payments will go down.

      • dorassoc

        sorry, Katie. I didn’t see your reply until after I submitted mine. See a few responses up.

  8. Randy N.

    Thank you, thank you, thank you. Living on a fixed income is difficult enough without inflation eating into what money we do have. And a drop in Medicare, instead of the usual increase that eats up most of any COLA, is welcome news.

    • Mikec

      I don’t see where they include ssdi in their statement. It seems almost deliberate that it was left out. I checked my ssi website and there is
      No letter about the increase

      • Sherry P.

        SSDI will have the same increase.

  9. Autumn

    Great that means it’ll affect my food stamps and go towards my Medicare. Just because we get an 8.9% raise coming and that an extra $140 is what the government thinks will help.

    You’ve gave many on Unemployment $2400 a month, Stimulus checks, and with all the Tax Credits for those whom have children. All we get for being disabled or retired is the Stimulus fund and no additional help with prices going up.

    • Alice D.

      Medicare premium going down 7$ wow that’ll buy a pack of hotdogs. This raise will mean I’m over the limit for help with my premiums. This means I will now have the part b premium taken out of my check. 😒

      • Barb

        The medical eligibility for the QMB program is updated annually to reflect the new increase. It shouldn’t close your case. If it does, I would contact a supervisor. I did that job for 14 years. Now retired. You can google the QMB income limits for your state.

    • Joanne

      True! More of us have to write emails to the governor and senator to whom we pay high salaries and excellent healthcare. Since its election time, maybe they will respond, but it will only be one of their “I care about you” form letters.

  10. RT

    So when will the taxable base be raised from where it was set many, many years ago?

    • RT R.

      It gets raised almost every year. This year it is going up from $147,000 to $160,200. Full info here https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf

      • Eric

        I don’t think that is what they were talking about.

      • Sue h.

        He means that if you make over a certain amount your social security gets taxed. It has been $25000 or $34000 since forever. You social security is taxed 50% if you exceed these limits.

Comments are closed.