Social Security Checks In 2023: Changes Made to the Benefits This Year

Every October, the Social Security Administration (SSA) makes changes to the retirees’ benefits which take effect into the following year. In this article, read and find out about these changes that affect the Social Security checks in 2023!

Social Security Checks In 2023 [Photo: CNN]

Increase in COLA

According to Severi, for this year, the annual cost-of-living adjustment (COLA) has increased to 8.7% which gave recipients a boost worth $140 in their Social Security checks in 2023. Reports say this increase has been known as the biggest in almost 40 years. Unfortunately, experts have predicted that the COLA for 2024 will decrease to 3.1%.

Increase in Earnings Limits

The SSA has also increased the amount that a recipient could earn through employment while still receiving the maximum amount in Social Security checks in 2023. For this year, the amount that must be earned under the full retirement age can be up to $21,240, an increase of $1,680 from last year. However, if a recipient earns more than $21,240, they would lose $1 for every $2 over the limit. Under the age of 67, a retiree can still earn up to $56,520, an increase of $4,560 from last year. However, if a recipient earns more than $56,520, they would lose $1 for every $3 over the limit.

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Increase in Payment At Full Retirement Age

According to Williams, SSA recipients reach their full retirement at the age of 67 if they were born after the year 1960. If a recipient can wait until 67, they will be able to receive $3,627 per month, an increase of $282 from last year. However, if a recipient retires earlier, the amount in their Social Security checks in 2023 could be reduced to $2,572 per month. On the contrary, those who delay their retirement, at the age of 70, could receive up to $4,555.

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