SSA Announces 8.7% Benefit Increase for 2023

​​The U.S. Social Security Administration (SSA) announced that monthly Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7% in 2023, and the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. 

The 8.7% cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022.

A fact sheet showing the effect of the various automatic adjustments is provided.