Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced today. On average, Social Security benefits will increase by more than $140 per month starting in January. At the same time, most Medicare beneficiaries will not have an increase in their Medicare premium in 2023.
In addition, the maximum amount of earnings subject to the Social Security tax will increase to $160,200 from $147,000.
The last time the COLA increased by this much or more was in 1981.