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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Susan
It would be nice seeing more $.but it still not cover the cost we have to pay out. The government needs to send retired people the $ they send over seas. And yes Biden depleting reserves for votes.u people are stupid if u don’t see what’s happening. God bless america.
Ginny M.
If I start social security in 2023 at age 67 will payments be 8.7 % higher than what is currently shown on the estimator?
darla
ya, we get an increase this year. I,m looking head to the year after. Is it going to bite us in the butt and Social Security raise Medicare twice as high in2024
Judy
With cola , that will only add to my housing cost at a higher rate than what u are giving, u may give 80.00 but housing will go up over hundred, I cannot afford this, you added a lot on my end last year because of cola. Don’t raise housing rates it’s not fair!
C.Wilkerson
My daughter receives monthly SS death benefits. Her deposit for October increased substantially. I thought the increase wasn’t happening until January 2023? What should I do?
Ann C.
Hi. Thanks for visiting our blog. For your daughter’s security, we do not have access to private information in this venue. Please contact your local Social Security office for assistance. We hope this helps.
Frederick G.
I collect SSA benefits and still working. I received an increase in salary for Jan 2022, another increase in July 2022 and will be getting an increase in November 2022. When will these increases reflect on my Social Security benefit?
Ann C.
Hi, Frederick. Thanks for visiting our blog. As long as you continue to work and receive benefits, we will check your record every year to see whether the additional earnings will increase your monthly benefit. If there is an increase, we will send you a letter telling you of your new benefit amount. For more details, visit our Receiving Benefits While Working web page. We hope this helps.
Constance E.
The web page you refer people to only talks about people who are taking early retirement. I am 74 years old and went back to work. Last year I received a raise in benefits in October based on what I was once again paying in to Social Security. This year it hasn’t happened. When will I get credit for the money withheld this past year?
Ann C.
Hi, Constance. Thanks for visiting our blog. If your latest year of earnings is one of your highest years, we recalculate your benefit and pay you any increase you are due. The increase is retroactive to January of the year after you earned the money. For additional information, please visit our Receiving Benefits While Working page. For 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.
Constance E.
This doesn’t make sense. I retired from work Dec 2020. In Oct 2021 I recieved an increase in Social Security Benefits. I started back to work Oct. 2021. So does that mean that this Oct I am not eligible for an increase because I only worked 2 1/2 months in 2021? I have continued to work all of 2022. So Social Security is taking money out of my paycheck but not increasing my benefits?
Constance E.
Receiving Benefits While Working does not answer any of my questions about being over 70 years old, working and getting Social Security benefits.
Bernadine R.
Social Security Implements Self-Attestation of Sex Marker in Social Security Number Records. This is ridiculous and a waste of taxpayers money. You are born male or female and that is simple biology.
Renae M.
If we used XX or XY I think it would be a better description.
Kay
This binary doesn’t reflect human genetic reality.
Pete H.
I totally agree with you. When born you are one or the other. Why does the government want to get involved on this?
cheryl
How could this possibly effect your tiny, tiny world?
Susan
HA! A tiny brain considering the BIG PICTURE. You’ll find out.
Only a tiny brain would have to ask that question.
Candy L.
Cola is given to all Medicare people and then they raise everything so we get very little back.
Why bother it doesn’t help much.
Lisa A.
Amen..
R. W.
I agree Candy. The US Government will always onion skin peel off what they feel US taxpayers need for their life…. and they don’t have a clue of what we go through after working 35/40 plus years of paying into SS, insurances, Medicaid. But, they send $billions of our taxpayer $ overseas.
Jack
Why is not accessible now since COLA has been released. Also Medicare premiums are not going down and medicare advantage premiums are increasing for 2023. Retirement and 401K’s are also decreasing dramatically that does not help anyone. The CPI is also wrong since many things are left out and the gas prices are only lowering because Biden is depleting our oil reserve. The CPI is more at 23%.
Ross M.
He can’t deplete our oil reserve, get your facts right. We have more oil than you think.
Sam
Biden has and continues to deplete our oil reserve particularly in front of the mid term elections. That’s fact!
Tina
No, he hasn’t. He is going to begin to do it. And he will be doing it for the right reasons. Also, there is billions of oil in our reserves. THAT’S A FACT!
Eric M.
I guess you forgot that Trump wanted to buy Oil and put it in reserves while it was cheap. Biden and his buddies yelled as loud as you could NO !!!
This is a political move without regard to any regard for this country . People like you are the problem, no thought of your own.
Ron Y.
I have forgotten my password. When I go to the forgotten password page it wants to send my password information to an old e-mail address no longer active. What can I do?
Ann C.
Hi, Ron. Thanks for visiting our blog. We are sorry to hear you have had difficulty accessing your account. If you are still unable to access your 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.