Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase by 8.7 percent in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January.

 

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).

 

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. The Social Security Administration has released a fact sheet showing the effect of the various automatic adjustments.

 

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 your new benefit amount is to access your personal my Social Security account to view the COLA notice online. Create or access your 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, the new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.