How to Find Out Your 2023 Social Security Increase Early


The Social Security Administration will start sending out 2023 cost-of-living adjustment (COLA) notices by mail throughout December.

Starting Jan. 1, Social Security benefits will increase by 8.7%. But what does that mean for your check?


How to Find Out Your 2023 Social Security COLA

You can see your COLA notice online sooner by creating a My Social Security account no later than Nov. 15.

If your COLA isn’t available online yet, you can get an update as soon as it’s posted by enabling account notifications. Simply log into your My Social Security account, then select email or text notifications under message center preferences.

Or, you can do the math yourself.

Simply multiply your current benefit amount by 0.087 to determine how much your monthly payment could increase.

For example, if you receive an average monthly Social Security benefit of $1,200, you would multiply that by 0.087 and find that your checks will increase by about $104 per month next year.

Roughly 70 million Americans will see a historic 8.7% bump in their monthly Social Security benefits and Supplemental Security Income payments next year.

It’s the largest cost-of-living adjustment in 40 years.

How to Create a My Social Security Account

If you don’t already have an account, you can create one anytime. However, only beneficiaries who created an account prior to Nov. 15 will receive their 2023 COLA notice online.

It’s a good idea to create an online account for other reasons, too — especially if you receive Social Security or SSI benefits.

With a My Social Security account you can also:

  • Request a new Social Security card.
  • Set up or change direct deposit.
  • Get your Social Security tax form (SSA-1099).
  • Print a benefit verification letter.
  • Change your address.

To create an account, you’ll need to do the following:

  1. Verify your identity by entering personal information about yourself.
  2. Answer some security questions.
  3. Create a username and password.
  4. Confirm your email address or phone number by entering a one-time security code.

Whether you have an online account or not, you can expect to receive a paper notice in the mail in upcoming weeks.

How Much Money Will the Average Social Security Recipient Get in 2023?

The 2023 COLA increase is the biggest in 40 years.

Here’s what that looks like for the average recipient:

  • Retired workers will get an extra $147 a month on average, bringing the average monthly benefit to $1,827.
  • Disabled workers will get an extra $119 a month on average, bringing the average monthly benefit to $1,483.
  • The maximum Supplemental Security Income (SSI) benefit for individuals will increase by $73 a month, bringing the maximum monthly benefit to $914.
Have questions about Social Security? We have answers.

You Get to Keep More of Your COLA This Year

A bigger Social Security check isn’t the only thing retirees have to look forward to in 2023.

The Medicare Part B premium, which is typically deducted from Social Security benefits, is going down next year by ​​$5.20 per month, or 3%.

For retirees, the combination of higher Social Security checks and lower Medicare Part B premiums means more money in the pocket of retirees. Most years, Social Security COLAs are eaten up by rising Medicare costs.

On a fixed income? Learn more about the Medicare premium changes — along with steps you can take to lower your health care costs. 

Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.


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