Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced last week. On average, Social Security benefits will increase by more than $140 per month starting in January.
Acting Commissioner of the Social Security Administration, Kilolo Kijakazi, has a special message about the 8.7% cost-of-living adjustment (COLA) in 2023. To see your new benefit amount in early December, before it arrives in the mail, be sure to create a personal my Social Security account by November 15, 2022: https://www.ssa.gov/myaccount.
The 8.7 percent cost-of-living adjustment will begin with benefits payable to more than 65 million Social Security beneficiaries this January. Increased payments to more than 7 million SSI beneficiaries will begin on Dec. 30. Some people receive both Social Security and SSI benefits, officials noted. 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 and breathing room,” acting commissioner Kilolo Kijakazi said. “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.”
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000.
Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. The fastest way to find out their new benefit amount is to access their personal my Social Security account to view the COLA notice online. People may create or access their my Social Security account online at www.ssa.gov/myaccount.
Information about Medicare changes for 2023 is available at www.medicare.gov. For Social Security beneficiaries enrolled in Medicare, their 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.
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