Social Security Benefits Increase

Social Security benefits are a crucial part of retirement planning.

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Social Security benefits and Supplemental Security Income (SSI) payments will increase by 8.7% in 2023.

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This is the annual cost-of-living adjustment (COLA) required by law.

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The increase will begin with benefits that Social Security beneficiaries receive in January 2023.

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Increased SSI payments will begin on December 30, 2022.

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The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200.

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