From the Social Security Administration:
Cost-of-Living Adjustment (COLA) Information for 2023
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.
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)
Read more about the Social Security Cost-of-Living adjustment for 2023.
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200.
The earnings limit for workers who are younger than “full” retirement age (see Full Retirement Age Chart) will increase to $21,240. (We deduct $1 from benefits for each $2 earned over $21,240.)
The earnings limit for people reaching their “full” retirement age in 2023 will increase to $56,520. (We deduct $1 from benefits for each $3 earned over $56,520 until the month the worker turns “full” retirement age.)
There is no limit on earnings for workers who are “full” retirement age or older for the entire year.
Read more about the COLA, tax, benefit and earning amounts for 2023.
Information about Medicare changes for 2023 is available at www.medicare.gov. 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.
Your COLA Notice
In December 2022, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account.
This is a secure, convenient way to receive COLA notices online and save the message for later. You can also opt out of receiving notices by mail that are available online. Be sure to choose your preferred way to receive courtesy notifications so you won’t miss your secure, convenient online COLA notice.
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