Will There Be A Social Security Increase 2023
Social security increase for 2023 could reach double digits. In 2022, that wage cap is $147,000 per year, and any earnings above that limit aren't taxed for social security. Here's how that breaks down for different groups, according to the 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.
![2023 Social Security Cost Of Living Increase Could Be Largest In 40](https://i2.wp.com/i.iheart.com/v3/re/assets.getty/60911024f53d7f62451909a4?ops=gravity("north"),fit(1200,675),quality(65) "2023 Social Security Cost Of Living Increase Could Be Largest In 40")
And the year prior, in 1980, there was an increase of 14.3%. Something more around 9% is probably more likely. The board of trustees estimated the 2023 cola would land between 3.92% and 5.14%. A 9 percent cola would boost the average social security retirement benefit by about $150 a month in 2023.