The earnings limit for people reaching their “full” retirement age in 2023 will increase to $56,520. (We deduct $1 from benefits for each $2 earned over $21,240.) The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $21,240. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. Read more about the Social Security Cost-of-Living adjustment for 2023. (Note: some people receive both Social Security and SSI benefits) Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023. Effect of COLA on Social Security BenefitsĬost-of-Living Adjustment (COLA) Information for 2023.Cost-of-Living Adjustments (Publication).Social Security Announces 8.7 Percent Benefit Increase for 2023.
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