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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Guy W.
I’m assuming this will apply to people that start their retirement in Spring of 2023? I mean, I’d get this increase too?
Bill D.
Whether you are currently receiving benefits or delaying until 2024 (like me), the increase is still going into one’s current benefit AND those that choose to delay (as long as you are 62 and eligible to collect benefits, someone that is under 62 doesn’t get the increase). So no FOMO (fear of missing out)! The 8.7% will be added to your monthly benefit plus the 8% increase for each year you delay from 62-70. The one time that inflation works in our favor!?
Guy N.
Thank you for your kind response! I was thinking it was a stupid question and I was gonna get skewered, lol
Brad K.
Actually the 8% yearly bump is only for the years beyond your full retirement age. For the years from 62 to FRA the negative bump (I.e. cut) is 5% for 62 and 63, and 6 2/3% for 64-66.
SSA w.
Not true. Only folks who receive benefits in 2022 will see the increase. If you decide to wait until 2023 you will not receive this increase. COLA is for individuals who are currently benefiting from the benefit, not future beneficiaries. Hope this helps.
Jim
You are wrong. Everyone gets the increase even if you apply and start getting SS in 2023.
Irma
I only got 5% increase
you a.
why answer if u know nothing. this is the new amount. people in the future will start at this amount or higher.
L 2.
Yay!!!! I just hope you are correct.
Marty h.
I received a .087% increase today
Daniel
A dollar is a dollar and a whole lot better than a sharp stick in the eye. I don’t remember ever getting a negative COLA. Maybe one had to pay more for Medicare, but that is a horse of a different color shouldn’t one think. Social Security and Medicare are in the same church, but not the same pew.
Thomas H.
Yep, and just remember who wants to slash SS
and Medicare!! Its not the Dem’s Even they get
blamed for everything under the sun.
myles t.
Thats because they are evil,Dems are satanist.
Brad K.
The COLA cannot go negative, nor can your Medicare premium force you to go negative (that is as long as you filed for Medicare at 65, it is called the hold harmless provision).
Moon
Big deal …. I can now pay my rent and one of my utilities each month!!!
Brad K.
The COLA cannot go negative, nor can your Medicare premium force you to go negative (that is as long as you filed for Medicare at 65, it is called the hold harmless provision).
DiAnna C.
For a great country…proceed with dignity and pride. Good timing!
TONY M.
Looks like I’ll be looking for a part time job.Gota work till I die.
Annie E.
How is the social security increase helping anyone when the Medicare premium is going up not counting your part D will go up as well. So us seniors will not benefit form this at all. The math just isn’t there.
Connie S.
Your right on the mark! Makes me laugh every time we get a raise 😂
Liz o.
Medicare premiums did not go up this year. Read the entire article
Anna
True. And this is done all the time. So that everybody’s getting a wrong impression.
Pat H.
Some people have trouble comprehending what they read.
LarryB
Medicare premium is going down. I have an advantage plan and most of the coinsurance and copays are going down with my plan as well. SSI is still not enough for anyone to live on.
Thomas H.
So glad I spent 1965-1969 in the USAF in Germany SE Asia. I could never afford the health care I’ve received from the VA. I’m Disabled and
I’ve received $1000’s of medical equipment over
the years. So let your kids and Grandkiids know
the benifits of serving you country.
With the cost of collage, if you serve 4 years uncle sam will pay for your for 4 years of collage.
Robert B.
I am planning on retirement beginning early spring 2023. I am assuming that this increase will be incorporated to my projected benefits amount, is this assumption accurate?
Andrew N.
What is up with the term “fixed income?” If a man is not on SS and works for 20.00/hr, he is also on a fixed income. He gets 20.00/hr. We get whatever SS the calculation provides for a lifetime of taxation to pay our monthly sum. Everyone who is still working for an agreed salary is on a fixed income. Do younger people have a better chance of adding to their income? Yes. Will they? Did you? We live by our decisions. Too late to poor me about Social Security.
Bobbie
If you are getting hourly pay you are not on a fixed income. Your income is based on how many hours you work.
Earl R.
for every paycheck that you receive you and your employer contribute the same amount to your account which is added to your lifetime ss account so the total amount that have been put in your account determines what you will receive when you start collecting ss, you can start collecting at the age of 62 and continue working but you do not get medicare til 66 and if you continue to work while collecting at 62 the ss amount will go up every year as you continue to work.
Mike.
Thank You Social Security Administration and Franklin D. Roosevelt for starting S.S in the 1930’s. No thanks to the Republicans for trying to sabotage S. S. and medicare and medicaid. Vote Democratic, the party for the BENEFIT of ALL PEOPLE IN THE UNITED STATES. Thank You. Mike.
JR
You got that right plus the fact the Medicare (unless you choose Advantage) does not have dental, vision, hearing, etc. included.
Not a.
Oh, save your own money dumbass.
Patricia A.
LOL! I AM IN AGREEMENT . These people do no have a clue to what is coming. We are in recession and this may be well over due for seniors(getting a raise)this couldn’t be a worse time for this democratic party to spend more money. Too much money chasing fewer goods and no one wants to work!
Get ready for a crash! All by design! No one to blame but the socialist that high jacked the democratic party!
NOTHING but the truth! Even so, God is in control and may God help those people that haven’t a clue!
L 2.
Good Lord! What a bucket of boloney! Oh your one of those Christians that DOSEN’T love thy neighbor? Take a look around and open your eyes!!!!!!!!!!!