More than 70 million Social Security recipients are in line for an 8.7% increase in 2023, the largest cost-of-living-adjustment in more than 40 years. And, starting next month, recipients will be able to check exactly what that increase will mean for them.
A separate statement will be mailed to beneficiaries that haven’t opted out of paper notifications.
The COLA increase goes into effect with the December 2022 benefits payable in checks sent out in January 2023. Social Security payments are made on a rolling basis determined by birthdays: birth dates on 1-10th of the month receives payments on the second Wednesday; 11-20th on the third Wednesday; and 21st-31st on the fourth Wednesday.
COLA increases are determined by the Consumer Price Index showing the year-over-year change in prices for goods and services for July, August and September. The 2023 jump is the largest one-time increase since 1981 when benefits rose 11.2% and a large boost from the 5.9% increase that took effect this year.The maximum amount of earnings subject to the Social Security tax will increase to $160,200.
The earnings limit for people reaching their “full” retirement age in 2023 will increase to $56,520. $1 in benefits is deducted for each $3 earned over $56,520 until the month the worker turns “full” retirement age.
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