[NFBOH-Cleveland] 2023 COLA Announced Today

[Suzanne Turner]

Subject: 2023 COLA Announced Today

 

Approximately 70 million Americans who receive monthly Social Security
and/or Supplemental Security Income (SSI) benefits will see a 8.7%
cost-of-living adjustment (COLA) for 2023. The COLA takes effect with SSI
payments paid on December 30, 2022, and Social Security benefits paid in
January 2023.  

Many beneficiaries may want to find out exactly what their new benefit
amount will be. The fastest way is through their my Social Security account.
In early December, customers can log in to their my Social Security account
and check the Message Center. For beneficiaries who do not have a my Social
Security account, they will need to create their account by November 15 to
see their notice online. Beneficiaries can also opt to receive a text or
email alert when there is a new message from us - such as their COLA notice
- rather than receiving a letter in the mail.  

Premiums for Medicare Part B will decrease in 2023. For beneficiaries who
choose to deduct their Medicare premium from their monthly Social Security
benefit, they will also see the new amount reflected in their January
payment. For more information about Medicare changes, please refer to
<https://www.medicare.gov/> www.medicare.gov.

The Social Security Act ties the annual COLA to the increase in the Consumer
Price Index (CPI-W), as determined by the Department of Labor's Bureau of
Labor Statistics.

You can learn more about the new COLA at  <https://www.ssa.gov/cola>
www.ssa.gov/cola.

 

Kilolo Kijakazi, Ph.D., M.S.W.

Acting Commissioner

 



 

 

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