KEY POINTS
-COLA notices are being mailed this month, but you can also find out how much your new monthly benefit will be by looking at your “my Social Security” account online.
-The average retiree’s monthly benefit will increase to $1,827.
-Retirees could also receive a few extra dollars each month thanks to lower Medicare Part B premiums.
Your new Social Security payment won’t necessarily be exactly 8.7% more than what you currently receive.
Out with the old, in with the new. Many Americans will be glad to move past 2022 and begin a new year. And they only have a week left before they’ll do so.
Retirees, in particular, have an extra reason to celebrate the new year. There’s a huge Social Security increase coming in 2023. How much will your check be?
Finding out what your amount will be
Social Security’s cost-of-living adjustment (COLA) for 2023 is 8.7%. Can you just add that percentage to your current monthly benefit to find out what your new benefit will be? It’s not that simple.
The COLA isn’t actually applied to Social Security recipients’ benefits. It’s instead applied to each person’s primary insurance amount (PIA). The PIA is the benefit you’d get if you began receiving Social Security retirement benefits at your normal retirement age. If you retired early, your monthly increase will be a little lower than you might have expected.
One obvious way to find out what your new monthly benefit will be is to just wait until January when you receive your first Social Security payment for 2023. But there are ways to find out earlier.
The Social Security Administration (SSA) is mailing COLA notices this month to all Social Security beneficiaries. You might have already received your notice. If not, though, you can access your personal “my Social Security” account online. Go to the Message Center for your account. There should be a message telling you how much your new benefit will be in 2023.
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