Social Security COLA 2023: How Can I Find Out How Much More Money I Am Getting?
Now that Social Security recipients finally know the cost-of-living adjustment for next year, many will also want to know how that translates into real money. The Social Security Administration provided guidance in a blog published Thursday.
See: 10 Reasons You Should Claim Social Security Early
More: If Your Credit Score Is Under 740, Make These 4 Moves Now
The 2023 COLA, also announced Thursday, is 8.7% — the highest bump in more than 40 years. On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said.
The 8.7% COLA will begin with benefits payable to more than 65 million Social Security recipients in January 2023. Increased payments to more than 7 million Supplemental Security Income beneficiaries will begin on Dec. 30, 2022.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” SSA Acting Commissioner Kilolo Kijakazi said in a statement. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.”
The SSA said it will mail COLA notices throughout the month of December to retirement, survivors and disability beneficiaries, along with SSI recipients and representative payees.
However, if you want to know your new benefit amount sooner, you can get your Social Security COLA notice online using the Message Center in your personal my Social Security account. The information will be available in early December, prior to receiving the mailed notice. Benefit amounts will not be available before then. Because you will receive the COLA notice online or in the mail, you don’t need to contact the SSA to get your new benefit amount.
Those who prefer to access their COLA notices online and not receive the mailed notice can log in to their personal my Social Security account and opt out of the mailed notice by changing their preferences in the Message Center.
You can also receive text or email alerts when there is a new message waiting for you. This will ensure that you don’t miss your COLA notice and other important messages. If you don’t have an account yet, you must create one by Nov. 15 to receive the 2023 COLA notice online.
More From GOBankingRates
- Ways You Can Lose Your Social Security Benefits
- Do You Have a Tax Question? Ask a Tax Pro
- The 10 Best Cash Back Credit Cards for 2023
- 6 Reasons Why You Shouldn't Procrastinate on Your Taxes
