Social Security Benefits Increase

— Ashish Pokhriyal

Social Security benefits are a crucial part of retirement planning.

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

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

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

Increased SSI payments will begin on December 30, 2022.

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