[NFBF-L] Cost of living adjustment for Social Security for 2023

[licib85 at gmail.com]

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Fact Sheet 

SOCIAL SECURITY 

2023 SOCIAL SECURITY CHANGES 

Cost-of-Living Adjustment (COLA): 

Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2021 through the third quarter of 2022, Social Security and Supplemental Security Income (SSI) beneficiaries will receive an 8.7 percent COLA for 2023. Other important 2023 Social Security information is as follows: 
  

Tax Rate 
 
2022 
 
2023 
 

Employee 
 
7.65% 
 
7.65% 
 

Self-Employed 
 
15.30% 
 
15.30% 
 

NOTE: The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the applicable taxable maximum amount (see below). The Medicare portion (HI) is 1.45% on all earnings. Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicare taxes. The tax rates shown above do not include the 0.9 percent. 
  

  
 
2022 
 
2023 
 

Maximum Taxable Earnings 
 

Social Security (OASDI only) 
 
$147,000 
 
$160,200 
 

Medicare (HI only) 
 
No Limit 
 

Quarter of Coverage 
 

I 
 
$1,510  
 
$1,640 
 

Retirement Earnings Test Exempt Amounts 
 

Under full retirement age 
 
$19,560/yr. 
($1,630/mo.) 
 
$21,240/yr. 
($1,770/mo.) 
 

NOTE: One dollar in benefits will be withheld for every $2 in earnings above the 

limit. 
 

Social Security National Press Office   Baltimore, MD 
 
  
     
2022 
   
2023 
 

The year an individual reaches full 
retirement age 
   
$51,960/yr. 
($4,330/mo.) 
   
$56,520/yr. 
($4,710/mo.) 
 
        

NOTE: Applies only to earnings for months prior to attaining full retirement age. 
One dollar in benefits will be withheld for every $3 in earnings above the limit. 
  

Beginning the month an individual 
attains full retirement age 
   
None 
 
  

  
 
2022 
 
2023 
 

  
 
I   Social Security Disability Thresholds 
 

Substantial Gainful Activity (SGA) 
 
  
 

Non-Blind 
 
$1,350/mo. 
 
$1,470/mo. 
 

Blind 
 
$2,260/mo. 
 
$2,460/mo. 
 

Trial Work Period (TWP) 
 
$   970/mo. 
 
$1,050/mo. 
 

Maximum Social Security Benefit: Worker Retiring at Full Retirement Age 
 

  
 
$3,345/mo. 
 
$3,627/mo. 
 

SSI Federal Payment Standard 
 

Individual 
 
$ 841/mo. 
 
$ 914/mo. 
 

Couple 
 
$1,261/mo. 
 
$1,371/mo. 
 

SSI Resource Limits 
 

Individual 
 
$2,000 
 
$2,000 
 

Couple 
 
$3,000 
 
$3,000 
 

SSI Student Exclusion 
 

Monthly limit 
 
$2,040 
 
$2,220 
 

Annual limit 
 
$8,230 
 
$8,950 
 

Estimated Average Monthly Social Security Benefits Payable in January 2023 
 

  
 
Before 

8.7% COLA 
 
After 

8.7% COLA 
 

All Retired Workers 
 
$1,681 
 
$1,827 
 

Aged Couple, Both Receiving 
Benefits 
 
$2,734 
 
$2,972 
 

Widowed Mother and Two Children 
 
$3,238 
 
$3,520 
 

Aged Widow(er) Alone 
 
$1,567 
 
$1,704 
 

Disabled Worker, Spouse and One or 
More Children 
 
$2,407 
 
$2,616 
 

All Disabled Workers 
 
$1,364 
 
$1,483 
 

This press release was produced and disseminated at U.S. taxpayer expense. 
 



Alicia D Betancourt
Licensed Clinical Social Worker, SW20198
Community Work Incentives Coordinator (CWIC)
(386) 589-7324

Confidentiality Notice:
This email message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information.  Any unauthorized use, disclosure or distribution is prohibited.  If you are not the intended recipient, please contact me by reply email and destroy all copies of the original message.  Thank you.

-----Original Message-----
From: Alicia Betancourt <licib85 at gmail.com> 
Sent: Wednesday, October 19, 2022 8:53 AM
To: NFB of Florida Internet Mailing List <nfbf-l at nfbnet.org>
Cc: Tekesha Saffold <tnsaffold82 at gmail.com>
Subject: Re: [NFBF-L] Cost of living adjustment for Social Security for 2023

Certainly:
My phone number is (386) 589–7324. Also, my professional email is:
Alicia.d.betancourt at gmail.com Always happy to answer questions. I hope everyone has a wonderful day.


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From: NFBF-L <nfbf-l-bounces at nfbnet.org> on behalf of Tekesha Saffold via NFBF-L <nfbf-l at nfbnet.org>
Sent: Wednesday, October 19, 2022 4:41:09 AM
To: NFB of Florida Internet Mailing List <nfbf-l at nfbnet.org>
Cc: Tekesha Saffold <tnsaffold82 at gmail.com>
Subject: Re: [NFBF-L] Cost of living adjustment for Social Security for 2023 
 
Hello and I hope all is well! Is it possible that I can schedule a time to speak with you? I would greatly appreciate it.


Thanks,
Tekesha Saffold
Pronouns: she, her, hers
Consumer Advocate and Consultant of the Palm Beaches 


	On Oct 18, 2022, at 3:01 PM, Alicia Betancourt via NFBF-L <nfbf-l at nfbnet.org> wrote:
	
	

	 
	Please note:
	I did not  create this fact sheet. Social  Security did. if anyone needs help reading it, please let me know :-)

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	From: Alicia Betancourt <licib85 at gmail.com>
	Sent: Thursday, October 13, 2022 11:04:27 AM
	To: nfbf-l at nfbnet.org <nfbf-l at nfbnet.org>
	Subject: Cost of living adjustment for Social Security for 2023 
	 
	Good morning:
	Thought you all would like to see the new Social Security cost-of-living adjustment numbers. There is a link here in the email but if you need to know how to make it accessible, let me know.
	https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf
	


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