Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced Oct. 13. On average, Social Security benefits will increase by more than $140 per month starting January.
The cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin Dec. 30, 2022. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind. This year’s Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said.
Some other adjustments that take effect in January each year are based on the increase in average wages. Therefore, the maximum amount of earnings subject to the Social Security tax will increase to $160,200 from $147,000.
Social Security and SSI beneficiaries are notified by mail starting in early December about their new benefit amount. The fastest way to find out the new benefit amount is to access the personal “my Social Security” account online.
It’s secure, easy and people find out before the mail arrives. People can also opt to receive a text or email alert when there is a new message from Social Security, rather than receiving a letter in the mail. People may create or access their account online at ssa.gov/myaccount.
Information about Medicare changes for 2023 is available at medicare.gov. For Social Security beneficiaries enrolled in Medicare, the new 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center. To read more, visit ssa.gov/cola.
Social Security Administration
