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.
Did you find this Information helpful?
Tags: COLA, my Social Security, my Social Security account
See CommentsAbout the Author
Comments
Comments are closed.
Bob
I am 64 and plan on retiring after 65 next year… will these increases be added to my Social Security then or do you have to be receiving benefits now to get the raise?
Shirl T.
I believe it will be figured in when you retire. The “raise” or increase in benefits is established each year as a percentage of what you are or will be receiving and applies nation wide.
Also, I would recommend that you start looking now at medicare. Learn all the ins and outs. There is a window which you do NOT want to miss. It is 2 months before and 2 months after your 65th birthday. If you miss it, it will cost you in increased penalties by higher premiums for rest of life. I believe now they are required to send notice of this prior to where as before only way you find out about it is word of mouth or doing research, Medicare.gov is the place to start.
Nick H.
I asked that question to a SSA employee a month ago and he said everyone will get the increase even if you are not retired
Michael S.
In fact, if you’re younger than 62 (63?) in 2023, you actually get an increase (in a more complicated way through wage indexing factors and formula bend point increases but it works out) based on a slightly different index which is a little bit more this year at 8.89%.
Once you’ve reached the age at which you are eligible for early standard retirement benefits (62), they lock in your “PIA” and you then are subject to the same COLA that people already on it get, whether you are taking it yet or not. Usually the COLA is slightly less than the wage adjustment.
jan l.
you give us an increase, but in turn you raise the amount each month you take out of our checks for medicare, and then we get whats left, which makes the increase maybe $20 more. Also our health insurance then goes up and that takes more of our increase, so we don’t end up with much, but they sure like to tell the world that we’re gettin all this extra money;
Shirl T.
Hi Jan I ,
You are correct in years past. Though it is looking like starting in Jan 2023 the part B premium taken out each month is going to “DECREASE” and medicare benefits them selves are supposed to increase.
Michael S.
Note, this may not be the case for people with lower incomes who did not get enough increases to cover the last part B premium increases (since they can’t ever lower your net check). Although if jan did indeed get a $20/month net increase last year, and not no increase, then they must be paying the full part B and it will be as you say.
Carol C.
I know, it’s always like that! The only ones that gain from these increases are the super poor……don’t help us single moms that always worked for a living and supported our children. I get a very small retirement that excludes me from qualifying for any medical or any extra help at all. Because I worked….I am being punished! The super poor that has not worked and of course ALL the immigrants get all the breaks! Extra monies, free medical (Medicaid), food stamps, free phones, even get Amazon rewards…….just goes on n on with all the financial breaks for them. But nothing to help us that have worked and supported our families! They live much better than those of us that worked. They have all the nice amenities of life because they don’t have to buy their food n medical needs! They even drive bran new cars! 👎🏻👎🏻👎🏻
laurie G.
I guess American’s are the biggest complainers ever??? Something is better than nothing, we could be getting nothing “ZERO”.
Brad K.
Seniors are actually getting less than nothing. The follies of the politicians and bureaucrats have caused the market to crash by 30%, the true inflation rate is over 15%, and they want you to be happy they are “giving” you 8.7%.
Carol C.
I totally agree Brad! System suxs! 👎🏻
Dave Z.
Finally somebody understands this correctly! Which is bigger +8.7 or -15 ?
KjK
No one could have predicted the Russian-Ukraine war, costing billions to keep our freedom. And the greedy Texas oil barons in raising oil prices. And the lunatic fringe now running the Republican Party. Thanks Joe for providing some hope for all of us.
Anita
It’s earned money that we get a very small % back of what we paid in. Wow. This government has been robbing ssi for years. If you think it’s a gift, you’re brainwashed.
Maureen P.
Re: “It’s earned money…” brings up one of the things that I find particularly offensive with certain federal benefit programs for low-income people, particularly SNAP. The pandemic “emergency” benefits (which gave the maximum allowed for 1, 2 people, etc.) are now ending. This means many Seniors will only get the minimum in SNAP (food stamps), which right now is $23 a month. I’ve tried to understand as best I can how “they” (state social agencies) calculate your income when figuring out how much/if any SNAP benefits you get. For one thing, they divide this into “earned” and “unearned” income. Social Security is classified as “unearned” income. It’s not just the semantics of this which is offensive – as if you didn’t “earn” with whatever job you had that paid into SS, and which was taxed – but it’s how this is used to calculate your SNAP benefit. If you only have “unearned income” (i.e. a SS check), you lose out compared to those who are working as their salaries are counted as “earned income” which translates into an automatic 20% deduction on your income. So, for the SNAP calculation, along with other deductions someone who is still working receives, this person automatically will receive an $8,000 deduction say on a $40,000 annual salary, whereas if you only have “unearned” income (SS) you get zero deduction. In the state where I live, they use one’s gross SS monthly income, but then won’t allow the Medicare deduction, i.e. $170.00 a month. Again, where I live this violates the state’s own laws on how to calculate SNAP, and it may also violate federal law. I don’t know if there any recourse when a state’s implementation of a federal benefit program may violate federal laws. I suspect not.
jul
i heard in2034 they will not have enough to cover it all and will be taking back 30% out the stuff they are giving now so if they dont have it all ready how come they keep giving more out they need to figure out the mess they made by taking monies out of that system …. quit giving and taking back ……
Karin W.
I was always told to tighten my Belt;
If I tighten any more, I’ll be DEAD
Greg T.
Thanks for nothing dumb joe . cost of living is over 12% this year and we get 8.7%.
Walter
Sure this will help but still not enough after all these years of getting barely enough of a increase to live on.
but what about the $200 or more increase in income per month (separate from C.O.L.A.) that we were promised from Pres. Biden ad all the Democrats ( and I mean all of them ) long before he ever took office and continued to promise afterwards??
It’s one thing to make speeches and promises about doing something ( talk cheap )but the true value of a person is weather he keeps those promises and actually does it.
So tired of politicians on both side of the isle making promise’s then forgets them after they’re elected
Marta
So Agreed!
Al y.
Wow! A whole tank of gas or a weeks worth of groceries.🙏 how considerate of our over spending over reaching over paid government. BUT ITS A FREEBIE RITE,Not like we’ve paid into the system our entire working lives or anything
SanJo
140$ isn’t enough
Penny
Okay, this is to catch us up with current cost of living increases as of late, but what about the $200 or more increase in income per month (separate from C.O.L.A.) that we were promised from Pres. Biden long before he ever took office and continued to promise afterwards??
John S.
Haha, you’re supposed to be grateful for this. Look at twitter. He’s touting it as an achievement and not… the COL raise that happens every year. This isn’t a raise, just keeping up with inflation far too late.
Ofc republicans will be worse for social security. But it’s not like dems keep their promises either. We’re just used for voter points. They don’t really care if the disabled are forced to live in poverty – notice they keep saying $140 average not pointing out SSI recipients can’t even get $75…
Tony
If Republicans like Ron Johnson makes the Social Security trust fund into a discretionary fund like the Veteran Administration pension and disability, then there probably won’t be enough votes to pass the annual COLA raise. Ron Johnson would be one of those U.S. senators to vote against the COLA raise.
John S.
not saying republicans are not worse. they want it all gone. but dems do not help us or themselves by lying promising things and then not even attempting to do shit.
Shafi, N.
America sends Billions overseas, cannot help its own citizens!
margaret
That is the truth!