Social
Security Announces 8.7 Percent Benefit Increase for 2023
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[October 19, 2022]
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 today. On average, Social Security benefits
will increase by more than $140 per month starting in January.
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The 8.7 percent 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 on December 30, 2022. (Note:
some people receive both Social Security and SSI benefits). 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. 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.
To view a COLA message from Acting Commissioner Kijakazi, please
visit
www.youtube.com/watch?v=Vgm5q4YT1AM
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.
![](http://archives.lincolndailynews.com/2022/Oct/14/images/ads/current/charrons_bch_2022.png)
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![](http://archives.lincolndailynews.com/2022/Oct/14/images/ads/current/chicagost_sda_FOOTBALL_2022.png) 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. 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--such as their COLA notice--waiting for them, rather
than receiving a letter in the mail. People may create or access
their my Social Security account online at
www.ssa.gov/myaccount.
![](http://archives.lincolndailynews.com/2022/Oct/14/images/ads/current/lincoln_Printers_sda_FOOTBALL_2022.png)
Information about Medicare changes for 2023 is available at
www.medicare.gov. For Social Security beneficiaries enrolled in
Medicare, their new higher 2023 benefit amount will be available in
December through the mailed COLA notice and my Social Security’s
Message Center.
The Social Security Act provides for how the COLA is calculated. To
read more, please visit www.ssa.gov/cola.
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