SSA Announces 8.7% Benefit Increase for 2023
Published October 13, 2022
The U.S. Social Security Administration (SSA) announced that monthly Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7% in 2023, and the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200.
The 8.7% 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.
A fact sheet showing the effect of the various automatic adjustments is provided.