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.

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Comments

  1. James K.

    Cola of helping children,passing throw all thinking.

  2. Theresa K.

    The pleasure of others has be the strength to moca cola coming.

  3. A M.

    Hi, I am wondering if the allowed income levels for 30-40 year olds will also increase in 2023 from $1700 per month (including ssi benes) or if the increase in ssi will just DECREASE the amount that an individual can earn?

    • Ann C.

      Hi. Supplemental Security Income (SSI) is a needs-based program that pays benefits to people age 65 and older and disabled adults and children with limited income and resources. The amount of an SSI monthly benefit is based on the income, resources and living arrangements available to the person who receives SSI. To learn how and what type of income can affect the amount of SSI payments, visit here. For specific questions about how income may affect your SSI beneifts, please 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.

       

       

  4. KELLY E.

    I found out the I formation. On COLA , the increase is on December payment that you receive in January. The money that is deposited is for the previous month .

    Social Security COLA: When Will My Checks Be Increased? – CNET

    • Mark A.

      I’m getting $841now how much will I get in January 2023

      • Sunny

        Approximately $914.00

  5. Irma

    I only got 5% instead of 8% they said December was going to be our first payment increase, not true I got my regular pay

    • KELLY E.

      Same here no increase this month .

    • jewel

      you wont get your increase till January. January is December payment

      • Mark A.

        I’m getting $841now how much will I get in January 2023

  6. J.P.

    It appers to me Mr. Biden our so- called president..has done it again…screwed us royal…I am tired of these Washington politicians lining their bank accounts and screwing us…their lowly servants!

    • John B.

      This is not a sounding board for election deniers. Your statement has nothing to do with Social Security.

      • L 2.

        True that!

    • Daryl S.

      It would be nice if you would provide proof of what you say. Exactly has our President “screwed you”? Be specific. Otherwise what you say is simply political blather.

      • Daryl S.

        8.7%

    • Sherry C.

      He didn’t screw anyone it takes comprehension to understand the increase will be on January check of 2023 and letters will come December 2022

    • W.K.

      I believe in the quote,”It is better to remain silent and thought a Fool,than to open your mouth and remove ALL doubt!” I am GREATFUL for ANY increase that I receive in my S.S.;as YOU should be! How much did YOU do to increase the monthly payments for medically disabled people-besides post a politically motivated statement made by an IDIOT!

    • linda

      let me be clear here no president has the authority to increase or decrease social security. so stop degrading the president.

    • AnneL

      I didn’t vote for Biden and think he’s doing a terrible job, but that’s my opinion. However, to those thinking the amount of money or increases you are receiving (or not) is Biden’s fault, it has nothing to do with him. These increases are based on a very specific CPI-W results in the 3rd quarter. Does this policy of calculating on this CPI truly keep up with inflation…NO. However, no president has the power to change it. It must be done legislatively. It pains me that our 2 houses do not have the guts to ensure Sicial Security solvency.

    • Lois

      It appears you want to blame Biden for something he had no part in… Increased spending by us caused inflation. Inflation led to increased COLA. People who are getting bot SSI and Social Security will have 8.7 % increase but not on both. The it appears if the Cola increase in Soc Sec. might determine your increased earning you get less SSI which is an as needed program,

  7. tiffany

    My son gets ssa how much will his check increase

    • Ann C.

      Hi, Tiffany. 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.

      • Jennie L.

        Hello Tiffany this is Jennie Lawrence need to know the ssi letters increase?

  8. Susan H.

    It’s 11/28/2022. I just looked at my account and I’m getting an increase in my Social Secuity benefits from a total of $861 to $928 on December 3, 2022. Is that my increase for 2023? Why am I getting it the beginning of December? Does it increase more in January, 2023?

    • colleen

      I checked today 11/28 also & it states my increase will be on my December deposit.I thought cola started on the Dec.deposits. Anyone know why?

      • COLLEEN

        correction/I meant to type in I thought the cola starts on the January deposits…

      • Ann C.

        Hi, Colleen. Thank you 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.

      • Derrick

        It do not Matter when you get it it’s going to be the same you just will be getting it early be grateful that your getting anything so thank god for it

    • Ann C.

      Hi, Susan. 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.

       

        

  9. Sandy

    It sounds nice to get an increase, but it’s also a vicious circle, you see when your poor you get hud housing, you get food stamps and your utilities on for low income or disabled people too, so the government gives you this increase great so everyone one adjusts down your food stamps ups your rent and increases utilities, and back you to where you were to begin with. Do you see how and increase means not a thing to the poor? It’s a vicious circle. Can’t just walk into a store and buy what ever I want like clothes even socks, so if Biden or any of you think us poor are benefiting from this 8.7% increase let’s get real!

    • Sun

      I agree. This is so true.

    • Carolyn B.

      yes….my rent will go up and also the extra help that state medicaid pays for medicare premiums. I will be out of income range and will end up losing money because of this increase unless they adjust the limits. Not everyone benefits

    • Heather

      Every time I get a so called raise, I loose dollar for dollar that amount in food stamps. So right off the bat I am at zero, then the increase in rent, utilities, insurance etc, so actually every time I go further in the hole. So yes we get screwed because these idiot politicians don’t know how their programs work and can’t even do grade school addition and subtraction. With the raise this year I might actually end up homeless.

    • linda

      let me be clear. the president has nothing to do with your social security. the federal gov. gave you this increase and also cut the cost of medicare stop being so critical of our president who just wants to help you.

  10. John J.

    If I start collecting in January 2023 will i get 8.7% increase in my s.s.

    • Rock S.

      My Medicare part b premium is growing up 85% in 2023. ( part A is free) With an 8.7% cola adjustment and the 85% increase in part b premium my final ss check deposit will be 5.8% less in 2023 vrs 2022. This article is 100% BS!

      • KnowALittleBitAboutSSA

        The base premium for Medicare Part B in 2023 is $164.90. If you’re referring to your increase due to IRMAA, that is an adjustment based on your modified adjust gross income from two years ago.

        This article is not referencing that. That is two different things.

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