• December 5, 2022

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The Social Security Administration’s recent hike in its Cost of Living Adjustment for 2023 of 8.7% was the biggest in nearly 40 years. There were many other things, though, you need to know about this inflation adjustment.

Here are some frequently asked questions:

Will I get higher benefits this year? It depends. The 8.7% adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. However, increased payments to more than 7 million SSI (disability) beneficiaries will begin on December 30, 2022.

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Can Social Security Payments Still Increase? That will depend upon inflation next year and your lifetime earnings record. Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000.

When will I find out how much more my benefits are rising? Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount.

What about Medicare? It’s a pleasant surprise that Part B premiums, which are deducted from Social Security payments, are falling slightly. Information about Medicare changes for 2023 is available at www.medicare.gov. For Social Security beneficiaries enrolled in Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.

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