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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willard m.
i had a stroke in octof2022 and my sister had to lose her job and take care of me can i add her on my ssd help
Ann C.
Hi, Willard. We are sorry to hear about your condition and situation. We do not pay caregivers. However, 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.
Wally
Thank God. Well, I can’t say another word but Thank You SS and the government for this adjustment.
Paul T.
I understand the COLA of 8.7 % begins in January 2023. For clarification, is that for the payments received in January 2023, or the payment received in Fevbruary 2023?
Ann C.
Hi, Paul. Thanks for your question. The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. We hope this helps.
Susan P.
Thank you Paul T. and Ann C. For further clarification, I applied for benefits in Dec 2022 (01/01 birthday). I will receive my first check Jan 2023. How can I verify cola is included?
Wally
The amount of $140 in a minimum amount to be added or not really?
Brad K.
It is a simple calculation, it is 8.7% higher than your base amount the $5 decrease in the Medicare premium. Thus if your base benefit is $1,000 you will receive $87 + $5 more. If your base benefit is $2,000 you will receive $174 + $5 more, if your base benefit is $3,000 then you will receive $261 + $5 more.
joseph b.
can someone tell me the math formula to figure out what the cpla will increase my ssi benefits to please?
joseph b.
*cola mot cpla
Swhoney
Well what does it matter if we get a increase.. Medicare with just up it’s cost the following yr, just watch.. I’ve seen it over the past 10 yrs.. they eat up ANY new monies we get so why even get excited.. I’m so sick of seeing this game.. i get basically the same amt i started with even 10+ yrs later.. it’s highway robbery by the govt.. *frustrated*
Gale N.
When I get the increase my rent goes up so I don’t really benefit my rent is based on my income 😏
POOREST W.
COULDN’T AGREE MORE, THE GOV’T IS A TOTAL JOKE, YOU WORK ALL THOSE YEARS, PUTTING MONIES IN THE POT, AND THE RETURN IS TERRIBLE. AGAIN, YOU ARE ABSOLUTELY CORRECT.
Lee B.
As Mike J. stated in his email dated 27 Oct…I too am wondering if the COLA increase applies to future beneficiaries (and will be reflected in my statements), or just those who are currently receiving benefits will receive the COLA.
Joseph
Why can you never believe what SS tells you? It’s because SS does not follow and respect its own rules and policies. I am retired but still working full-time. According to SS policy, SS will adjust your monthly benefits every year around October. I also have an overpayment and SS takes $233 out of my check every month toward the overpayment according to a repayment arrangement that I made with SS. I was told by SS that I will get any extra money left after the adjustment is made because I already had a payment arrangement with them of $233. Well, the adjustment was done 2 weeks ago based on my 2021 income, and there was $1,140 extra left that was supposed to come directly to me. Nope, that did not happen. SS used the entire $1,140 toward the overpayment. I was disparately looking for that money. I called the local office trying to get them to reverse it and give the money, and they told me that they had the authority to apply the $1,140 toward the overpayment regardless of what their policy says.
Don’t ever believe what SS tells you. They can be ruthless with no compassion whatsoever.
Ben G.
I am not sure if social security benefits will work this way later. I learn Social Studies at college and with the help of https://studyclerk.com/pay-for-college-papers I completed a lot of papers about the less protected minorities which allows me to be more sure in the stability of Supplemental Security Income for the next few years.
Bill W.
I just received the notification letter from the SSA letting me know my new payment amount. I was a bit surprised (and disappointed) to see that it would only amount an increase of 1.05% which is a wee bit short of the 8.7% that has been announced.
Janie
That doesn’t make any sense. The blog from Social Security addressing the 2023 COLA states that letters with the new payment amounts will not be sent out until December, and you cannot access the new amount online through your account until the early December.
So how could you have received a letter from SS with the new COLA info when they’re not going to be mailed out for another 30 plus days?
Paul T.
Yes, I received the benefit letter for 2022 dated late November 2021. So i agree, this doesn’t make sense. Could be different (I don’t know) if someone is on SSI, or similar.
Ann C.
Hi, Bill. Thanks for visiing 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. Also, keep in mind, the cost-of-living adjustment (COLA) notices for 2023 are expected to be released in December, so please continue to look out for it. We hope this helps.
Mike J.
I have a current copy of my Social Security Statement. I have not retired yet and I am wondering if that statement will reflect the Cola Increase for 2023 when I print the statement in 2023? In other words, does the Cola apply for future beneficiaries and will it be reflected on the statement?
Candy G.
I am still working past my SS Retirement age. Will the new increase also be added to my benefits if I retire next year?
A. G.
The COLA adjustment is for 2023 SS recipients. As such, I helped my mother apply for her SS benefits starting Jan 2023. If she doesn’t receive the COLA adjustment, I can have it returned within a year.
Let’s see.