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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Ccasias
That’s pathetic…
Brandy G.
I just applied for benefits, and my first check will likely hit in Feb 23. I assume this increase will not help me?
John S.
Yes it will help you. Doesn’t matter if you’re on it right now or not. For example SSI current max payment is right now $841. 2023 it will be around $914. You will get the new amount instead of the 2022 number, SS is adjusted for cost of living every year.
Clyde G.
I’m still working but plan on signing up for social security to start in January 2023. I’ll continue working part time. My birthday is May 1957. My full retirement date is November 2023. Should I sign up for social security to start in December instead of January because of the cola raise.
Ann C.
Hi, Clyde. Thanks for visiting our blog. Please bear in mind that the decision on when to apply for benefits is a personal one. We can only provide you with the information to help you make the best choice according to your own situation. If you have additional 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.
Ellen M.
The increase is long overdue but now it remains to be seen how much of the increase will be eaten up by the increase of Medicare premium. Last year I only saw about a $20 increase because most of the increase was eaten up by Medicare Part B premium
Linda
It was announced Medicare premium part B down by $6 from 170 to 164 so a true increase for us
Patricia D.
Medicare premiums are actually scheduled to be lower for 2023
Carlos C.
My thanks to the Social Security Administration for the 8.7% increase in SS benefits for 2023.
Diane
Wonder how Medicare will increase? That is a rip off.
Linda
In article it was said Medicare part B going down $6 from 170 to 164
Kelly D.
The COLA raise is nice, but whenever we get an increase in COLA, our medicare insurance premiums go up to almost exactly the amount of raise in COLA, therefore, it is a wash. We never really get a raise because it is immediately absorbed back into medicare costs. So we still are living in poverty. Very sad.
Carlos C.
The cost of attendance a college has increased substantially over the last 4 years, making it difficult to afford for parents receiving Social Security benefits. Is the Social Security Administration considering extending benefits for children past 18 years of age and while enrolled in a college?
Donna
This is a very good question. Could someone answer please???
Diana S.
Why did I receive a deposit from social security today. My payment is always the 3rd Wednesday of the month. The deposit was under $200
Amy J.
Diana,
I would contact Social Security by phone for your question.
Joe M.
It probably is a one time adjustment. My wife went back to work after being retired for a few years. She had worked the last five years while still getting her full monthly SS benefit.
While working those extra years she was paying into SS again. Her income was higher these last five years. I believe the last five years, she would get this annual adjustment around this time of year. I hope this helps.
Ann C.
Hi, Diana. 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.
Doplia R.
The increase is nice. But the cost of living is extremely hard on Senior Citizens, especially those on a fixed income.
With the increase everything else will eat the COLA .
Robert H.
Question:
If I am not currently receiving SS benefits, will the COLA be applied to my future benefit amounts?
Debbie
I have seen on the internet in large letters Are you eligible for stimulus check in the amount of $1,720. 00. If yo are under (age) you must apply for befits. ….
Some ads are linked to people from Medicare asking info. & trying to sell me on Medicare Advantage programs and more .
Are these legitimate??
I’m not so sure.
Twila T.
Stay away from any Medicare advantage programs, keep just your medicare! I joined on and they offered all of these percks and would not sent me the card I needed to access them. The perks were not worth the extra costs you occur with the Medicare Advantage program and all of the restrictions they put on you!!!! For example when on the advantage medicare for every Physical therapy visit I was going to be charged $40 but on regular medicare I would not have been. I got out they were costing me & my state more money!