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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H. P.
I reach 70 in April 2023. Will I receive the 8.7% COLA raise? Can I apply now and make it retroactive?
Karen L.
My social security benefits are based on my work history. My net monthly Social Security check dropped from $1160 to $995 in 2023. I have the same percentage of taxes taken out, My monthly Medicare premiums are also withheld. I understand the premiums went up, but I thought the COLA would cover some of the increases. How is it possible that my payment would drop this much?
Ann C.
Hi, Karen. 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. We hope this helps.
Debra
I am trying to help my Mother! She said she got some papers in the mail for a benefit that had a deadline for today 1/17/23? I have no idea what it was for! Can anyone tell me what this benefit might be? And who I should call?
Ann C.
Hi, Debra. Thanks for visiting our blog. For your mother’s 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. She can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. She can also contact her local Social Security office. We hope this helps.
Cathy
When will the new COLA be reflected in the projected earnings section of “my Social Security account”?
Kj v.
I received my january 2023 Ssa benefit on December 29th 2022. Will it be added to my 2022 benefit statement 1099 form?
Ann C.
Hi, Kj. Thanks for your question. The SSA-1099 is mailed by January 31 each year. If for any reason you do not receive your SSA-1099 in the mail by then, starting on February 1, 2023, you can request a replacement SSA-1099/1042S for Tax Year 2022 by visiting your personal my Social Security account. We hope this helps.
linda m.
When I file for Ss in Feb, and get my first check in June Do I get the new raise on my check.
Karen L.
Biden said “senior citizens are getting a raise of their social security check because of inflation.”
He didn’t say that social security is raising their insurance fee also.
I got a $18.50 raise after they took out insurance fees of over $200.
Social security & Biden lied because no one ever mentioned that the social security insurance was going up too.
You just said that we are getting a raise. What raise?
$18?
The cost of living goes up but not our paychecks.
Karen Brock
ivan t.
Good day What is the max amount allowed to earn on part time while getting social security?
Ann C.
Hi, Ivan. Thanks for your question. If you are referring to Social Security disability benefits, special rules allow you to work temporarily without losing your monthly Social Security disability benefits. After your nine-month trial work period, we still provide a safety net that allows you to work another three years risk free. During those three years, you can work and still receive benefits for any month in which your earnings do not exceed a certain limit. For 2023 those limits are: $2,460 for blind individuals; or $1,470 a month if you are not blind. For more information about working while receiving Social Security disability benefits, click here.
If you are referring to retirement benefits and you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, that limit is $21,240. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2023, this limit on your earnings is $56,520. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year. Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn. We hope this helps.
Carol S.
My Social security check arrived on 12/28/2022 but same amount as 2022. Where’s the increase?
Ann C.
Hi, Carol. 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.
Emily
Did anyone whos supposed get theres today 2nd weds receive anything yet, I didn’t get my survivor benefits at all today… Are they late or behind. I don’t even know my increase yet..
Ann C.
Hi, Emily. Thanks for visiting our blog. If you do not receive your electronic payment on the scheduled pay date, please contact your bank or financial institution first. If you still need to report a late, missing, or stolen Social Security payment, please visit our Frequently Asked Questions. Thanks!