Social Security Benefits 2023
In 2023, though, the wage cap is increasing to $160,200 per year. And for some, those monthly benefits are their only source of income. Cost of living adjustment (cola) rises. In 2022, that wage cap is $147,000 per year, and any earnings above that limit aren't taxed for social security.
In 2022, that wage cap is $147,000 per year, and any earnings above that limit aren't taxed for social security. 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. The average social security benefit sent in september 2022 was 1,673.88. In 2023, retirees will see the biggest boost in their social security checks since 1981.