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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Jennifer
Great, an 8.7% increase in ssi COLA,…..BUTTTT….in a Socialist Democrat Party run NITEMARE of an administration & economy with inflation of nearing 10% overall for the year!!
Which we are already in a Recession, even if They refuse to admit it because it’s an election year. 🙄
Do the math! You’re STILL Losing money even with the COLA increase!!
2022 midterms and 2024 Presidential Elections cant
Come soon enough! Vote out all Socialist democrats plus any rinos that support their Communist-influenced mandated control over the American people and downfall of our once Great Republic of A Nation.
There is Power in prayer to overcome all this
JG
Agreed 💯 Jennifer!
Bring back Law & Order and begone with the democrats & rinos.
Also we should DEMAND term Limits for Congress & Senate, for it to be 3
co-equal branches of government…no excuses.
Tony
We need to get rid of Social Security. It is a ponzi scheme. Vote Republican
Once the Republicans take over with 60% majority, we can finally get rid of Social Security like we did abortion.
Babyblue
We never should get rid of SSN.
L 2.
WOW!!!! Hate much?
L 2.
Why do haters always mention prayer? Real Christians wouldn’t say what you just said!
Mercy G.
Does that mean people who get SSA and SSI will get an increase or just SSI??
margaret
I’d like to know the answer to that also.
Doug S.
Just expand Medicare to include Dental. Hearing and Hearing…
Mohsin A.
According to the Social Security Trustees, benefits will be cut by about 20% in 2023 if Congress doesn’t take action to shore up the program’s finances. thrivestatus This means that someone who is currently receiving $1,000 per month would see their benefits drop to $800 per month.
Jay M.
Why does not COLA reflect in estimated earnings from year to year?
For those that retired a while back but not started collecting yet, should not the estimated earnings on mySSA.gov go up by COLA amount?
What are the rules regarding how COLA effects estimated earnings?
Appreciate a response. Thanks.
Odin M.
All You Have To Do Is Cross The Border.
Free Food
Free Housing
Free Tuition
Free Medical
Free Dental
Meanwhile, For All Of Us Who Actually Worked
Paid Out Taxes, Served Our Country, And
Played By The Rules…..
Sorry Bout That….
GEORGE P.
You are very right
Cathy
You are absolutely right!
ppcelsus
the whole benefit program, is not base of individual contribution or personal economy, It is stickily based on ‘humanitarian’ values. Just place yourself on the shoes an immigrant mother with children. The help they get from governmental programs is not enough yo permanently survive.
Philip P.
You got that right….
Frannyg
I work so half of my social security payments are taxed while I still pay into social security every pay period
I work more hours to make ends meet paying for Medicare part B while Medicaid pays for all their medical dental plus medications ER visits .. Dialysis treatments that medicare don’t pay for but require additiona out of pocket cost for seconday insurance plans
It is unfair that those who have worked all their life who have to sit back and watch those who never worked a day in their life get medical dental coverage along with housing section 8 Foodstamp benefits at the taxpayers expense
San J.
You are soooo right.
William B.
Yep
Duke C.
I can’t afford to pay most bills, can’t spend on extravagances like the doctor.
Frannyg
I HEAR YOU..UNFORTUNATELY WE DON’T GET THE SAME BENEFITS AS UNDOCUMENTED MIGRANTS WHO CROSS THE BOARDERS
Grandma
What is the Part B payment going to be and what is the deductible for 2023?
Seems those two cancel out most of the increase.
GEORGE P.
probably part B will be 164.40 but I do not know about deductible
gerald
part b will be 164.90 down five dollars and twenty cents deductable is decreasing but Im not sure of the amount it is online though
Ana V.
Is sad how we get and increase on our benefits but, get an increase on deductible also which makes no sense. So, really we only get what half? The government gets half of our benefits. More money for the government the way I see it.
jeff e.
4 inches forward, half a mile backwards.
whatever we get, the powers that be have increases waiting to minimize the extra money.
as a person that raised 4 kids, worked on the books since 17, now 67, everything I have tried to get from government programs, [senior internet,foodstamps,prescription help,] to mitigate this awful economy, I am told, sorry.
however, if I was on snap, or Medicaid, I would get everything. I am also disabled since age 50.
doesn’t make sense to work your entire life, pay all the taxes, follow all the rules, and get screwed in the end.
I am grateful for the programs I can get as this is the finest country on the planet, but guys, c’mon.
Doug N.
Seriously, would you prefer to be in a position where you qualify for SNAP & Medicaid?
Cindy
Exactly my thoughts that’s for people that are struggling and have low income you be they should be happy there in a position that they don’t qualify for it
Cynthia
Exactly my thoughts that’s for people that are struggling and have low income you be they should be happy there in a position that they don’t qualify for it
Donald f.
Hey Doug seriously???
I worked my whole life and paid into SS like everybody else. I was forced to go on SSDI because a horrible physical disease prevents me from working (which I would choose to do rather than collect SSDI).
NO I WOULD NOT PEFER BUT HAVE TO COUNT ON SNAP AND MEDICAID.
SERIOUSLY DOUGIE.
E K.
Here’s the thing. I worked for the USPS for 38 years. I was making over $4,400/month clear. I became disabled and for a time wasn’t making a dime. I was homeless for 2-1/2 years and eventually collected unemployment. I was and is still on Medicaid. I had to enroll in HIPP so my Health Care Premiums, (Medicare Part B) would be reimbursed. Although this rate increase is welcomed, I still can’t afford to live the way I’m used to living. I would give anything to go back to the way I used to live. No govt agency is going to replace that. Even though, I’m entitled to all of the above, I would rather not NEED to be.
CPop
The article above state the following. Pay attention SS benefits are going up and Medicare premiums are going DOWN.
“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.
Frederick J.
So say 140, Medicare goes up to what? 180, 190, 200, 210 so we get 130 to 70?
Bubbles
Sounds good if I could keep it, but my rent goes according to my income, so it will all go to my rent like it always foes I NEVER SEE THE INCREASE EVER…NOT FAIR…
E. K.
You are so right!