Social Security benefits increase in 2023 in United States

Filed in Uncategorized by on December 24, 2022 0 Comments

Social Security benefits increase in 2023 in United States

 

Social Security benefits increase in 2023 in United States

 

In 2023, the Social Security and Supplemental Security Income (SSI) payments received by around 70 million Americans would increase by 8.7 percent. In January, the average monthly Social Security payment will rise by over $140.

When the Department of Labor’s Consumer Price Index (CPI) rises, the federal benefit rate rises to account for the increased cost of living (CPI-W). Inflation causes a rise in the CPI-W, reflecting the general trend toward a greater cost of living. As a result of the adjustment, consumer prices have increased generally. The cost of living adjustment (COLA) is intended to cover some of these increases.

Throughout the month of December, we will send cost-of-living adjustment (COLA) mailings to those who are eligible to receive them, including retirement, survivors, and disability beneficiaries, as well as those who receive SSI and their representative payees. However, if you’re eager to find out your increased benefit amount, you can safely access your Social Security COLA notice online through the Message Center in your own my Social Securityaccount. This data will be available in early December, well before the postal notification. Amounts of benefits won’t be made accessible until December. You won’t need to get in touch with us to find out your new benefit amount because you’ll get the COLA notice in the mail or online.

You can change your Preferences in the Message Center of your mySocialSecurity account to get your COLA notice online rather than by mail. If you no longer wish to receive the COLA notice in the mail, or any other notices, you may make that selection in your account settings. Did you know that whenever you get a new message, you can set up an alert to be sent to your phone or inbox? That way, you won’t miss out on anything crucial, like your cost-of-living adjustment (COLA) notice. If you would want to access the 2023 cost-of-living adjustment notice online, you must register an account by November 15, 2022.

Seniors will be able to relax a bit more in 2023 thanks to the lower Medicare premiums and the increased Social Security income. According to Acting Commissioner Kilolo Kijakazi, “Medicare premiums are not increasing this year for the first time in over a decade, and this shows that we can provide additional help to older Americans who depend on the benefits they have earned.”

As the national average salary index rises, further adjustments will be implemented in January 2023. In 2023, for instance, there will be a greater cap on wages that are subject to Social Security payroll tax. In 2023, there will also be a modification to the amount of retirement earnings that are exempt from the test.

Get the scoop before anybody else! Create your own my Social Security account today, or sign in if you already have one. Under “Message Center Preferences,” select either email or text message alerts to receive polite reminders.

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