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With rising inflation, 2023 will bring some relief in the form of increased Social Security benefits and Social Security Income (SSI) payments. But how much can you expect to get?
CPI: September consumer price index shows higher-than-expected inflation after Fed rate hike
Social security: COLA 2023 will increase by 8.7% for its biggest gain in four decades
The Social Security Administration projects that, on average, Americans will see an additional $140 a month or more starting in January.
“Medicare premiums are falling and Social Security benefits are increasing in 2023, giving seniors more peace of mind and respite. The significant Social Security cost-of-living adjustment of this year is the first time in more than a decade that Medicare premiums have not increased and shows that we can provide more support to older Americans who rely on the benefits they have earned,” the acting commissioner said. Kilolo Kijakazi said in a statement posted on the SSA.gov website.
Starting in early December, you can view your specific 2023 COLA increase online to help you better budget for the New Year.
First, log in to your personal my Social Security account here. Then, check the message center in early December to find your COLA 2023 notice online.
If you don’t already have an account, create one before November 15, 2022 to receive your COLA notice online. Note that, on the Social Security Administration’s new beta website, you can sign in or create an account by clicking “sign in” in the upper right corner. On the current panel, the connect button is blue and in the center of the screen.
Once logged in, you can access the message center to opt out of receiving mail notifications and set your preferences for receiving an SMS or email alert when a new message is pending.
For security reasons, you should always access the Social Security website directly through your browser by entering the address. To avoid scams, do not click on any third-party links through emails.
Social Security COLA 2023: How do I know how much extra money I’m getting?
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The SSA asks that you do not contact their offices to inquire about your benefit amount, as you will receive your COLA notice in the mail or in the message center.
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