Social Security Raise 2023 Latest
The big news for 2023 is an 8.7% jump in the social security cola, which is the highest since an 11.2% increase in 1981. In 2022, that wage cap is $147,000 per year, and any earnings above that limit aren't taxed for social security. On average, social security benefits will. The group’s latest cola estimate is well below earlier estimates this year — estimates that projected a social security increase as high as 10.5% in 2023.
Social security benefits are issued on a rollout basis based on beneficiary’s birth date. Now if you were hoping for a larger boost than that, you may find that cola disappointing. The social security administration (ssa) announced earlier this month that benefits are set to rise by 8.7% in 2023, the biggest bump since 1981, when recipients saw an 11.2%. Beneficiaries with birthdays between the 11th and the 20th are paid.