By Warren Beck, Social Security District Manager in Syracuse
Approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, Social Security benefits will increase by more than $140 per month starting in January.
Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are higher. The cost-of-living adjustment (COLA) helps to offset these costs.
We will mail COLA notices throughout the month of December to retirement, survivors and disability beneficiaries, SSI recipients and representative payees. But if you want to know your new benefit amount sooner, you can securely obtain your Social Security COLA notice online using the message center in your personal my Social Security account. You can access this information in early December, prior to receiving the mailed notice. Benefit amounts will not be available before December. Since you will receive the COLA notice online or in the mail, you don’t need to contact us to get your new benefit amount.
If you prefer to access your COLA notice online and not receive the mailed notice, you can log in to your personal my Social Security account to opt out by changing your preferences in the message center. You can update your preferences to opt out of the mailed COLA notice, and any other notices that are available online. Did you know you can receive a text or email alert when there is a new message waiting for you? That way, you always know when we have something important for you — like your COLA notice. If you don’t have an account yet, you must have created one by Nov. 15, 2022 to receive the 2023 COLA notice online.
“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. 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,” Acting Commissioner Kilolo Kijakazi said.
January 2023 marks when other changes will happen based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax in 2023 will be higher. The retirement earnings test exempt amount will also change in 2023.
Be among the first to know! Sign up for or log in to your personal my Social Security account today. Choose email or text under “message center preferences” to receive courtesy notifications.
Q & A
Q: I got married and I need to change my name in Social Security’s records. What do I do?
A: If you change your name due to marriage or for any other reason, you’ll need to report the change and get a corrected Social Security card with your new name. You will need to fill out Form SS-5. You can get a copy of this form by visiting www.ssa.gov/ss5doc or by calling our toll-free number 1-800-772-1213 (TTY 1-800-325-0778). You’ll also need to provide the original marriage certificate showing your new and old names. You can mail or take the documentation to your local Social Security office. In some cases, we may need other forms of documentation as well. For more information, visit www.ssa.gov/ssnumber.
Q: Is it true I must now receive my benefits through direct deposit?
A: Anyone applying for benefits on or after May 1, 2011, will be required to receive their payments electronically. Paper checks will no longer be an option for most people. If you don’t have a bank account, you can get your benefits through the Direct Express debit MasterCard. Switching from checks to electronic payments is fast, easy and free at www.godirect.org. You also can call the U.S. Treasury Processing Center’s toll-free helpline at 1-800-333-1795, speak with a bank or credit union representative, or contact Social Security for help.