2023 Cola Social Security
If your birthday falls between the 11th and 20th, your check is paid on the third wednesday, so you'll see your first cola increase on jan. That's anywhere from 66 to 67 for today's workers, depending on your birth year. The first check social security beneficiaries receive in 2023 will show an 8.7% increase in benefits, known as a cost of living adjustment, or cola. With the payment increase in 2023, forbes said 8.7% more will equate to an average added monthly benefit of $144 for individuals and $240 extra for couples filing jointly.
For anyone receiving social security benefits, the new payment amount will start in january 2023, according to the ssa. For those who receive social security disability insurance, the average. Raise in social security benefits any earnings beyond that amount, which is set at $147,000 per year in 2022, are exempt from social security taxation. This is higher than the 8.6% it predicted in may 2022.