Social Security COLA 2023: How Can I Find Out How Much More Money I Am Getting?

older couple managing retirement contributions

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
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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.”

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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.

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
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