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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Amy S.
Will the amount of money you can earn per month increase as well or will that remain the same? I have looked everywhere for that information and cannot seem to find it anywhere.
Ann C.
Hi, Amy. Thanks for your question. To find the earnings limit changes, please visit our 2023 Fact Sheet. We hope this helps.
Brenda H.
I’m on SS disability and not eligible for medical .Can anyone tell me why?I was told that I had to be 65,and I know other people who have it and they aren’t 65,it just doesn’t seem right.
Ann C.
Hi, Brenda. Thanks for visiting our blog. Medicare starts 24 months after a person receives disability benefits. When a person becomes eligible for disability benefits, they will automatically be enrolled in Medicare. We start counting the 24 months from the month the person was entitled to receive disability, not the month when they received their first check. If you have not reached your 24 months, you may be eligible to receive social services from the state in which you live. These services include Medicaid, free meals, housekeeping help, transportation or help with other problems. To find out whether you may qualify and if you need to file a separate application, call the Centers for Medicare & Medicaid Services at 1-800-633-4227 (TTY, 1-877-486-2048). You can also get information about services in your area from your state or local social services or welfare office. We hope this helps.
Roxanne
If I elect my benefits payable with a Month of Election of 12/2022 will I be eligible for the 2023 COLA?
Mary S.
Can I stop my SS monthly payments one time to get back in the workforce knowing I’ll make more morning than is allowed. If so, when can I resume my SS monthly benefits. I’m 65.5 and my real retirement age is 66.5. Thanks for your help
Ann C.
Hi, Mary. It sounds like you are referring to withdrawing your application. If you file for Social Security benefits and then you change your mind, you may be able to withdraw your Social Security claim only if it has been less than 12 months since you were first entitled to benefits. Your date of entitlement is the month you start your benefits and may not be the same as the date you actually receive your first check. If you withdraw your claim, you may re-apply at a future date. To withdraw your claim, you must make a request in writing to withdraw and repay the benefits that you received. Please visit our Withdrawing Your Social Security Retirement Application page for more information. If you have 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.
Jen
Whenever there is a raise in SS, my landlord increases my rent. The January 2022 raise got me an extra $10 in my pocket, my landlord took the rest of it which was $47. I’m sure that’ll happen again with the next raise in 2023. My raise will be $87, let’s see how much of that I get to keep. These COLA payments aren’t helping the people that actually could use a hand.
Jen
I’m a senior on SS and when I received my raise in January of 2022 ($57), my landlord increased my rent and took all but $10 of that. I’m pretty sure that when I get the next raise in January 2023 ($87), the same thing will happen. Hopefully I will get to keep more than $10 a month next time. My landlord loves these raises, more money in their pockets but not much in mine.
Dana J.
I am there with you in Brunswick county. My ssi went up $41 and he went up on my rent $50./I make $841
.my rent is $750. Medication copays went up duke energy will go up $25 next year too.no notice of increase .in North Carolina we get 60 day written notice .landlord was going by Georgia but they are two different states even in Georgia you have too get notice of some type .sending prayers for you too
Debbie M.
Why is it that those who are collecting Soc Sec are receiving a 8.3 % but those on SSDI or SSI are on a different “formula” aren’t going to get the same increase? That makes no darn sense. I was at the local Soc Sec office in N E Ohio and they can’t give me a straight answer.
Mark M.
Hi Debbie,
I too am on SSDI. I had not heard that those like us were getting a smaller increase. Can you tell me what you know about it. I really appreciate it.
Vickie K.
I got the cola raise on ssa but not SSI for the over 65 in 2022. Will I get a raise for 2023 on the SSI and SSA this time around
Melanie B.
I am not currently on Social security. I work full time but plan on stopping February 3, 2023 and going on SSA end of February, 2023. Will the 8.7% COLA affect the amount of my SSA check each month?
Henry L.
I am wondering about the benefit fr the death of my wife, Ann Lowenkron, SSN ***-**-****. I assumed that the notification from the funeral home that handled her burial would lead to my receiving the benefit. I know that you were notified because we never received a check in April for her and none have come since then,
Linda L.
I suggest you personally contact Social Security by visiting your closest Social Security office. Sorry for your loss sir. Good luck.
Ann C.
Hi, Henry. We are sorry to hear about your loss. For your security, we do not have access to private information in this venue. To determine your elgiibility for survivors benefits, please contact your local Social Security office. For more information about survivors benefits, please visit our Survivors Planner. We hope this helps.