Social Security benefits and Supplemental Security Income (SSI) payments will increase by 8.7% in 2023. This is the annual cost-of-living adjustment (COLA) required by law.

The increase will begin with benefits that Social Security beneficiaries receive in January 2023. Increased SSI payments will begin on December 30, 2022.

We mail COLA notices throughout the entire month of December. However, you may not need to wait for your mailed notice to learn your new benefit amount for 2023. COLA notices are available online in early December, to most beneficiaries through the Message Center of their personal my Social Security account if they created their account by November 15, 2022.
How can I get help from Social Security?
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How can I get help from Social Security?

We are here to help you by providing the critical services you need. We want to help you as quickly and safely as possible.

Our website is the best way for most people to do business with us.

If you cannot use our website, call our National 800 Number or your local Social Security office for help.

We will schedule an appointment for you, if necessary, to serve you by phone or in person.

Check out our flyer, How to Get Help from Social Security, for what you should know before you visit a Social Security office, so we can help you safely.

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

We use the following earnings limits to reduce your benefits:

• If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2023 that limit is $21,240.

• In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.

If you will reach full retirement age in 2023, the limit on your earnings for the months before full retirement age is $56,520.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

Use our Retirement Age Calculator to find your full retirement age based on your date of birth.

Use our Retirement Earnings Test Calculator to find out how much your benefits will be reduced.

What counts as earnings:

When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you’re self-employed. We include bonuses, commissions, and vacation pay. We don’t count pensions, annuities, investment income, interest, veterans, or other government or military retirement benefits.

Your benefits may increase when you work:

As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. However, we will check your record every year to see whether the additional earnings you had will increase your monthly benefit. If there is an increase, we will send you a letter telling you of your new benefit amount.

When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to apply.

What is the maximum Social Security retirement benefit payable?

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.

When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to apply.

Must I pay taxes on Social Security benefits?

You must pay taxes on up to 85% of your Social Security benefits if you file a:

• Federal tax return as an “individual” and your “combined income” exceeds $25,000.
• Joint return, and you and your spouse have “combined income” of more than $32,000.

If you are married and file a separate return, you probably will have to pay taxes on your benefits.