Social Security Benefits Increase in 2023

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  2. Social Security Benefits Increase in 2023
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SOCIAL SECURITY BENEFIT PAYMENTS INCREASE IN JANUARY 2023

Beginning January 2023, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits payments. On average, this equates to an increase of more than $140 per month for those receiving Social Security and Supplemental Security Income payments.

WHY ARE Social Security BENEFIT RATES INCREASING?

When the cost of living rises, federal benefit rates increase. Cost-of-living increases mean the prices for goods and services are higher than average. The cost-of-living adjustment, commonly referred to as COLA, assists individuals in offsetting the increase in these costs.

HOW WILL I FIND OUT IF I AM RECEIVING AN INCREASE?

Throughout the month of December, retirees, survivors, disability beneficiaries, SSI (Supplemental Security Income) recipients, and representative payees will receive, by mail, a Social Security Administration COLA notice. This notice will let you know if you will be receiving a new benefit amount and, if so, what that amount is. Suppose you would like to know your new benefit amount sooner. In that case, you can access your Social Security COLA notice using the online Message Center in your personal my Social Security account. (Visit www.ssa.gov/myaccount to log in or set up your my Social Security account). Please keep in mind that your COLA notice will not be available until early December and not before. You will be notified online or via mail if you are currently receiving benefits. There’s no need to contact the Social Security Administration or Parmele Law Firm to find out your new benefit amount.

GOOD NEWS FOR MEDICARE RECIPIENTS

There is also good news for those individuals who use Medicare. “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 Commissioner Kilolo Kijakazi said.

MORE INFORMATION on Social Security Benefits

For more information on the cost-of-living adjustment, the Social Security Administration has published an informative document that may help clarify any questions or concerns you may have. This document can be found by visiting www.ssa.gov/news/press/factsheets/colafacts2023.pdf. You can also sign up for or log in to your personal my Social Security account today at  www.ssa.gov/myaccount.

As always, if you would like help with your disability claim or if you are wondering whether you qualify for social security disability benefits, don’t trust just any social security benefits lawyer. Parmele Law Firm has represented over 50,000 clients, and we require no fees or expenses until we win your case. Please visit us online for more information, or call us today for your free case evaluation: (866) 889-2570.

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