$140 Worth of Social Security Increase Will Take Effect This Year

Social Security benefits and Supplemental Security Income (SSI) payments for about 70 million Americans will increase by 8.7% in 2023. Starting in January, Social Security benefits will rise by more than $140 a month on average.

When the cost of living rises, as measured by the Consumer Price Index maintained by the Department of Labor, federal benefit rates rise (CPI-W). When inflation rises, the CPI-W also rises, raising the cost of living. The result of this change is an increase in average prices for goods and services. These costs are partially offset by the cost-of-living adjustment (COLA).

Base on the article published by Social Security Administration on October 23, 2022, you can safely obtain your Social Security COLA notice online using the Message Center in your individual my Social Security account if you’d like to learn your new benefit amount sooner. You have access to this data.

You can log into your personal my Social Security account and modify your Preferences in the Message Center to opt out of receiving the COLA notice by mail if you would rather access it online. Users can change their preferences to decline receiving the COLA notice that is mailed to you and any other notices that are made available online. To receive the 2023 COLA notice online, you must register for an account by November 15, 2022, if you don’t already have one.

Other adjustments based on the rise in the index of the national average hourly wage will take place starting in January 2023. For instance, there will be an increase in the maximum amount of earnings subject to the Social Security payroll tax. The exempt amount from the retirement earnings test will also change.