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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Kim B.
For those not retiring for a few years, does this COLA increase also benefit us when we do retire? Meaning will I see an increase in my Monthly Retirement Benefit Estimates on my SS statements next year?
Grant T.
I will reach my full retirement age in 4 months. At that time will my benefits increase?
M R.
My husband & I are both on SS. I got the increase he did not. What would be the reason?
Ann C.
Hi. 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.
JUDY M.
My husband received notice of his new amount for the new year. I have not. I want to know my new amount for 2023.
Ann C.
Hi, Judy. Thank you for visiting our blog. Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. The fastest way to find out your new benefit amount is to access your personal my Social Security account to view the Cost of Living Adjustment (COLA) notice online. We hope this helps.
JACKELYN M.
I live check to check each month. I am on SSDI. My pay date is the 26th of each month. Based on the notice, I won’t get my check for the month of January (which I have several bills to pay and medications and medical treatments.
If this is true, then I can’t pay my rent, utilities, make my Dr. appointments I will not be able to get my medications. I am a diabetic, type 2. I take two medications each day. I can’t get my medications, if I don’t get my SSDI each month.
Please tell me what I need to do. I don’t have any savings that I can utilize to buy the medications or even go to the doctor.
My phone number is 201-682-9739. Thank you in advance. Please respond. Right now, I don’t have rent money as I don’t have the December 25 benefit check. And now I see the notification that the December 25th check will be paid out in January 25, 2023. I live check to check. I have not other way to get groceries.
Ann C.
Hi, Jackelyn. We are sorry to hear about your situation. 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. Just a reminder – please be cautious about posting personal information on social media.We hope this helps.
Denise
My benefits statement shows that the new increased amount is effective on December 21st. It also states that the deposit will be this month. My deposit went into my bank account today (early with USAA) but it’s the lower 2021 amount. Why?
Ricky W.
You don’t get it till January
Ann C.
Hi, Denise. Thanks for visiting our blog and for your concern. For more information, please visit here. Thanks, again.
jamie
that is a lie it does not increase by that much at all mine went up exactly 60 bux thats it……i am just a regular person getting regular ss benefits ……so they lied
David R.
Have you got a check yet? Probably not? Do you have additional Medicare coverage other than Part ‘B’? Under Humana you will have a portion of your Part ‘B’ reduced, thereby adding more to your SS Check. I don’t believe you understand anything.
Ricky w.
It’s 8.7 percent of how much you get each month it’s not effective till January 2023 it’s average is 140 dollars per person some people make more than you and some make less than you
Ivan G.
I’m told this increase has now put my brother over the income threshold for Medicaid. So now he will be without medical insurance. So now he is worse off. How does this happen? Shouldn’t those limits be adjusted as well since I think there is a high overlap in beneficiaries.
David R.
Medicaid is controlled by the state.
Veronica B.
vb187682@gmail.com
Joanne L.
What if you fo not have access to a computer to check your benefits increase?
Veronica B.
How much will my check be raised to the 2023
Ann C.
Hi, Veronica. 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.
David R.
If your current check is $1300 after ‘Part B’ deductions just add 8.7% to the $1300. $1300 +$113.10=$1413.10. That will give you a pretty good idea. Also, since Part ‘B’ cost will be down roughly $5.00 you can also add that back to your SS check.
Angie f.
i getting increase thisyear but next year gov taking back some money why
Rachel D.
What ? Did u ask Social Security taking some money back ..
Why are they changing the dates when we receive ?
Ann C.
Hi, Angie. 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.