November 02, 2022

Social Security Payments Set to Increase in 2023

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In good news for those drawing Social Security payments, the monthly amount you will receive will go up more year-over-year than it has in over 40 years.

With inflation pacing at around 9%, the Social Security Administration (SSA) announced an increase in benefits of 8.7%, which is the highest yearly increase since 1981. That’s on top of the 6.4% that was seen last year.

\"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 SSA Commissioner Kilolo Kijakazi said in a press release.

Your specific increase will be sent sometime in December, but experts believe that the average increase will be a little over $140 per month.

CHC has details in four other changes taking place with Social Security in 2023.

Maximum Taxable Earnings Increasing

More of a high-earner’s income will be subject to Social Security taxes, going from $147,000 this year to $160,200 in 2023.

Maximum Benefit to Also Rise

The maximum benefit for those who are retiring at their full retirement age (67 for anyone born after 1960) is going from $3,345 to $3,627.

Benefit for Widows and Disabled Workers Going Up

The average benefit for widows and disabled workers are going up at a similar rate as the traditional Social Security benefit.

Medicare Premiums Will Be Lower

As alluded to above, some Medicare premiums will drop in 2023. While these are separate programs, many people who claim Social Security benefits are also enrolled in Medicare, so this will be a little more money in seniors’ pockets as well.

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