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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Shirley
Recipients should not expect to see any increase in their benefits. Medicare increase in cost will offset any SS raise that is announced.
john s.
this is just not true. do not spread misinfo
Vickie C.
If I don’t start to draw my social security until October of 2023, will the raise be included in my social security payment?
RockO
I have the same question. I will turn 62 in September 2023. And plan to start drawing October 2023. Will this increase in benefits be included for me?
Bev
What is the new amount for Medicare Part B for 2023? Thanks,
Hazel L.
It is 8.7%, according what is coming out on the web in several places.
Michele M.
Part B premium/mo decreases to $164.90 for most seniors
starting January 2023
William T.
I have lived in the Philippines now for 13 years and drawing ss benefits. It is ridiculous that i am not able to set up and account as I do not have a U.S. address.
Roy J.
I filed for ” deemed filing ” in June and have not received a response.
Roy J.
I have filed for “deemed filing” in June and have not received the results.
Ann C.
Hi, Roy. Thank you 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.
Joy F.
I can’t start a my SSA account because they don’t have my information on file!?
Celestine L.
I allso would like to know the increase for Medicare , no matter what. The increase will not help with NYCHA going up on the rent that will leave hardly nothing from the increase , then insurance for Medicare is increasing my lantus under this so call “ Umbrella from the insurance “ just cost me 76.00 a vial for 22 days I have look thru all the single care an all of them it does no good so u see it will not do me any good info not get Medicaid, food stamps they say I am a lil above the limit , I get ss widows spousal benefits but my husband retired when he was 65 but that don’t make sense to get reduce when he worked over 50 years.
Carol C.
Dear Celestine, I totally understand and our government does not care. they care more about giving everything we need to live to IMMIGRANTS! And if you worked……you get even less help. The increase will really not help me either cuz I live in a HUD senior apt complex. The increase will only make my rent go up…..so there is no gain in my financial income. Just really can’t even Afford to live anymore! 👎🏻🙁
Brad S.
Carol C, you are clueless. Just like all MAGA supporters. If you don’t like your personal situation – then change it!
Maybe you would be better off if they didn’t give you the 8.7%. Be grateful instead of hateful.
Change your situation, you have the power to do that.
Greg
Great way to respond I’m with you
William B.
What makes you think Carol is a MAGA supporter?
L 2.
Amen!!!!!!!!!!!
Chris
Then leave New York like everyone else.
Hazel L.
Just think. If you think it will do you nogood to get the COLA raise, just think, with all the increases in medicare, and other things, if you did not get the COLA raise, all that increase would come out of the amunt you are getting now. That would decrease your current amount down by the amount of what ever ever the raises are going to be.
Please, don’t think so negatively. Be thankful. The increse will at lease take care of the raises, which will at least leave you bascially getting whayou are already getting now.
I am thankful for the 8.7% increase. Hopefull every thing that goes up will not be 8.7% increase. Prehaps i will get some of the 8.7% increase.
Laurie R.
Well said Hazel! I know I am very thankful!
William B.
YES,I agree also!
Martha O.
It’s said that SS is going broke. NOW is the time that Congress should pay back what they stole from us .Maybe all that money going to Ukraine would help us also . Money we paid into SS and all our tax money means that it’s not a handout
Ann C.
Hi, Joy. Thanks for visiting our blog. We are sorry to hear that. If you are still unable to create an account or encounter a problem with your personal my Social Security account, please call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 8:00 a.m. to 7:00 p.m. At the voice prompt, say “help desk.” We hope this helps.
Donna B.
I am 68 still working and haven’t applied yet for SS. I was born in 54. So my understanding is that I will get 8% a year increase for every year I keep working and delay SS until age 70. How does this cola 8.7 affect my amount. if I retire at 69 in 2023. Do I get both increases next year?
John. G.
With Biden and the crew in place now, don’t worry about it, there will be no SS when you retire.
GO VOTE
Rlc
You seriously ok?the dems are the ones putting this in place.
JC
I was just on line to set up my SSI retirement payment. I am considering starting in January 2023.
Are the amounts currently showing, with or without the 2023 increase?
Alicity C.
Without. You can’t see the increase until December.
Sam
J C,
According to the article here;
the amount will be available for you to look up online with an account called MY SOCIAL SECURITY ACCOUNT. And that information will not be available until December.
(Exact day unknown)
As far as the funds being available, I would only assume January since that is the first month of 2023.
Hope this helps.
Bernie
The government is corrupt on both sides read the constitution the amendments and bill of rights then read the second amendment?????????
D. T.
So are you refusing to accept your SS benefits from this corrupt government? That seems like the right thing to do.
Crystal M.
Right
Mary D.
This page is about SS Benefits questions not politics. Your agenda takes up space that costs these programs to work. Move on. Use it for what it is intended.