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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James L.
We received a letter stating my husband who has had a stroke would get a certain amount put on his direct deposit on the 16th of March but it has not shown up on his account as of today March 23. We wanted to make sure it wasn’t put on the wrong account.
A.C.
Hi. 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.
Michael B.
I start collecting SS in May 2023. Will I get any of the cola that was for this year?
Charles P.
THEY FORGOT TO SAY THAT NOT EVERYONE ON SSD OR SSDI WILL GET THE WHOLE $140. I AM ON SSDI AND ONLY GOT $117 RAISE. WHY ?
Kevin
One other thing, the Benefit Verification Letter is dated Dec 9th, 2022, it shows the same amount I received for both December and January payment, no COLA increase for January. Shouldn’t the January payment include the COLA?
Kevin
I started SS benefits effective December 2022 when I reached FRA. The first payment was received in January since they always pay in arrears. I do not believe I received the COLA of 8.7%. I base this on the fact that December payment was the same as January, and apparently February will be the same also.
My understanding is COLA went into effect on 12/30/22, which is after the applicable day of receiving first benefits. How is it possible it’s the same amount? I talked to 3 people and sent a letter to my local SSA office, but so far I haven’t heard anything.
Can anyone help?
Thanks,
Kevin
A.C.
Hi, Kevin. Thanks for visiting our blog. For your security, we do not have access to private information in this venue. We encourage you to continue to work with your local Social Security office. You can ask to speak to a supervisor on your next call or visit. We hope this is resolved soon.
Kevin
Hi Ann,
Thank you for your reply. Is there a way I could give you access to my info or give my consent? I’m guessing no, but just thought I would ask.
Kevin
C. S.
Hey Kevin. They don’t have the answers. It’s a damn circus. Dumb and Dumber situation. Pretty much. Your not getting shit.all talk no action
DrT
Is the increase means tested and, if so, are stock gains/losses considered in the means test?
Debra B.
i want to know why i didn’t get the January 2023 pay increase
A.C.
Hi, Debra. 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.
Teresa T.
What is the limit for 2023 when going back to work on ss
A.C.
Hi, Teresa. Thanks for your question. If you are referring to retirement benefits and If 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. For more information, please visit our Receiving Benefits While Working webpage.
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. We hope this helps.
John W.
Does COLA varies every year, or is a fixed percentage.
Leona F.
Did death benefits get a raise too