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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Den H.
I have a question on the annual earnings limit if I want to work while drawing SSA. I understand the annual limit for 2022 is $19,560 or $1630 per month.
I can complete a consulting job 3 times a year, but that job may pay $4000 each time, totaling $12,000 annually. However, each payment will be over the $1630 per month. Will I lose benefits for those 3 months that I was paid, or since the annual amount is <$19560, have not effect?
Ann C.
Hi, Den. Thanks for visiting our blog. If you retire mid-year, we count your earnings for the entire year. We have a special earnings test rule that we apply to annual earnings—usually the first year of retirement. For more information, visit our Special Earnings Limit Rule.
When you apply for retirement, let us know if you plan to continue working. To learn more about how work may affect your retirement benefits, visit our Receiving Benefits While Working page. We hope thie helps.
Simon K.
I’m bit confused here. This month (October 2022) I received one time payment and my online account says my next payment amount for November and December will be roughly 5% more than it was in last 9 month. It is my understanding that this one time payment covers past 9 month at 5% increased rate. Is this what this article is about I only got 5% increase or will I see an additional increase and new amount come January 2023?
If anyone can clarify this for me, it would be much appreciated. Thank you
Ann C.
Hi, Simon. Thanks for visiting our blog. For your security, we do not have access to private information in this venue. We ask that members in our Blog community work with our offices with specific questions. You can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. You can also contact your local Social Security office. We hope this helps.
Susan I.
I will be turning 62 in April of 2023. Would I be eligible for the 8.7 increase if I apply to receive ss benefits 2023?
John s.
yes
Nancy B.
How much of this 8.7% increase is going back into Medicare?
Jim T.
I need to know before December what my new benefit will be so I can report it as income when I renew my health insurance under the ACA in November. Can I just add 8.7% to my 2022 benefit to get the right answer?
john s.
Yes, everyone is getting the same 8.7% increase. so if you understand your normal amount you can easily do math yourself
Ann C.
Hi, Jim. Thanks for visiting our blog. You can request a benefit verification from your local Social Security office. We hope this helps.
Jamarcus W.
How much will people get paid in 2023 ?
Regina M.
It clearly says it will be 8.7% increase. They say that they will be sending letters in December. If you CAN’T WAIT for them to send letter or put on your online account, you will need to do a little math.
Multiply what your income from SS is now by 1.4.
Take that answer and add to what you are making right now a month and that will give you your answer of your increase.
If this answer is not 100% accurate, I PROMISE YOU, it will be very very close. This algebra math formula that is used for percentages my friend. 🙂
Jo A.
10/23/2022. Sunday.
SS-benefits-increase: ” Wow!” If I multiplied correctly, hey!
I can be,would be, could be able to afford a much better
Affordable Apartment!😂 Oh! Oh! My LORD! Just maybe, I
Can move forward.{ believe~it! see~ it! Do~ It }! Iam.
Jim S.
That doesn’t make sense, granted I get $2,000.00 a month, if I multiple $2,000.00 by 1.4 I get $2,800.00. If I add this result to my current income I will and up with $4,800.00 which does not equate to 8.7%. The way I figure it out is multiply you income per month by 8.7% which is in this example $2000.00 X 8.7% equals $174. So my new income will be $2000.00 + $174.00 = $2174.00 monthly in 2023.
Tim
That’s the way I see it also. Take your current benefits add 8.7% there is your increase
AmyLiz
All though I am thankful for the increase it really doesn’t take away the problem of inflation. Because the cost of many items keep increasing.
Anne A.
I hope to retire in 2023 and would like to know when “My Social Security” will reflect the amount I’d receive in 2023 following the 8.7 COLA increase. When will I be able to see what the new amounts are so that I can plan when to retire?
James T.
I still work how will I get
Tami F.
I am down to 1 meal a day, I can not afford the fuel to go to my doctors appointments (the ONLY time I leave my house) and I have no idea how I will afford utilities much longer or my property tax in December – forget taking my granddaughter out for a Mc Donalds happy meal or to a movie!!!
I fear I will lose my house next….. then what?
I never imagined my life in poverty.
There is no hope in sight and living like this is not living.
LeighAnn S.
Very sorry to hear this Tami. I’m just a regular person like you, and a Grandma myself. Have you looked into Meals On Wheels or a similar senior service that delivers meals? Are you eligible for the SNAP program? There are other ways to get food on the table and I advise you to go to your nearest county Aging and Disability Center for help. You can also apply online for SNAP Benifits. I urge you to do so. You might not like this idea, but it’s worth considering in order to save your home. Get a roommate or two. However many bedrooms you have, fill them. Split all costs fairly. There are other ladies in your same situation that need a place to live. How lovely it would be to make new friends and provide safety and security for you all. It would be a win win situation for sure. And remember, if applying for benefits such as SNAP, even with roommates, you are considered single/ head of household and not eating with (even if you do) or supporting anyone else. That’s very important to remember when applying for benifits. You are applying for you and just you. I hope this helps you. Life is ever changing and sometimes we just need a little help to get going again. You can do it 💜
jane
Be careful who you let in your house, two elderly woman in Texas was killed by renters drug addicts.
Shey
Be careful who you let in your house, two elderly woman in Texas was killed by renters drug addicts.
Ann C.
Hi, Tami. We are sorry to hear about your situation. You may be eligible to receive social services from the state in which you live. These services include free meals, housekeeping help, transportation, or help with other problems. To get information about services in your area and find out if you qualify, you will need to contact your state or local social services or welfare office. We hope this helps.
Tanya L.
Hi
I’m a SSP at the low-income housing community.
People need more info on this increase. For example, some of them asking, if their Medicaid spend-down will increase. Please, let me know where I can ask questions about upcoming SS increase and get proper answers to pass it on to disabled and low-income clients. Thank you
Ann C.
Hi, Tanya. Thanks for visiting our blog. We respond to questions and provide general information on our Retirement, Survivors, Disability, Medicare and SSI programs. If you have a general question, we encourage you to ask here. But remember, never post personal information on social media. To get information about Medicaid rules and possible eligibility, you will need to call their state medical assistance office. To get the local phone number, call the Centers for Medicare & Medicaid Services at 1-800-633-4227 (TTY, 1-877-486-2048). Thanks!