With Social Security benefits set to rise by more than $140 a month in 2023, here's how much more money you may get in your check
The average retiree benefit will go up by $146 per month — to $1,827 in 2023 from $1,681 in 2022. Meanwhile, the average disability benefit will increase by $119 per month — to $1,483 in 2023 from $1,364 in 2022.
Supplemental Security Income, or SSI, beneficiaries will see the standard individual monthly payment increase $73 per month, to $914 per month in 2023 from $841 this year. The Social Security Administration will provide notices in the coming months that include your new monthly benefit for 2023.To gauge just how much more money you may see next year, you may take your net Social Security benefit and multiply that by the 2023 cost-of-living adjustment.
To get the most accurate read, add your Medicare Part B premium to your net Social Security benefit and then multiply that sum by the 2023 COLA, recommends Joe Elsasser, an Omaha, Nebraska-based certified financial planner and founder and president of Covisum, a provider of Social Security claiming software.
That's in contrast to other years, where it would usually be more appropriate to instead deduct your premium for Medicare Part B, Elsasser said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security now allows individuals to self-select genderWASHINGTON (AP) — Individuals will be allowed to make sure that their records with the Social Security Administration align with their gender identity under a plan announced Wednesday. The action, which is part of the agency’s “Equity Action Plan,” follows through on a March announcement to do so by the agency's acting commissioner Kilolo Kijakazi.
Read more »
Social Security now allows individuals to self-select genderThe agency says it is exploring possible future policy and systems updates to support an “X” designation for the SSN card application process for people who don’t identify as male or female.
Read more »
Social Security allows Americans to pick new genderAmericans can now select a new gender in their Social Security records without having to submit any medical or legal proof that they have switched their sex designation.
Read more »
Column: GOP promises to gut your Social Security, Medicare if it takes powerRepublican leaders are threatening to take the debt limit hostage unless they get Social Security and Medicare benefit cuts.
Read more »
Social Security now allows individuals to self-select genderIndividuals will be allowed to make sure their records with the Social Security Administration align with their gender identity under a plan announced Wednesday.
Read more »
Social Security now allows individuals to self-select genderIndividuals will be allowed to make sure their records with the Social Security Administration align with their gender identity under a plan announced Wednesday.
Read more »