In December 2022, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account. Information about Medicare changes for 2023 is available at For Social Security beneficiaries receiving Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security's Message Center. Read more about the COLA, tax, benefit and earning amounts for 2023. There is no limit on earnings for workers who are "full" retirement age or older for the entire year. (We deduct $1 from benefits for each $3 earned over $56,520 until the month the worker turns “full” retirement age.) The earnings limit for people reaching their “full” retirement age in 2023 will increase to $56,520.
(We deduct $1 from benefits for each $2 earned over $21,240.) The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $21,240. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. Read more about the Social Security Cost-of-Living adjustment for 2023. (Note: some people receive both Social Security and SSI benefits) Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022.
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. Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023. Effect of COLA on Social Security BenefitsĬost-of-Living Adjustment (COLA) Information for 2023.Cost-of-Living Adjustments (Publication).Social Security Announces 8.7 Percent Benefit Increase for 2023.
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