According to US News & World Report¹, Social Security payments will increase by 8.7% in 2023, the biggest Social Security cost-of-living adjustment in 40 years¹. Medicare Part B premiums will decline¹. The earnings subject to the Social Security tax will climb to $160,200¹.
(1) Social Security Changes Coming in 2023 – US News & World Report. https://money.usnews.com/money/retirement/articles/social-security-changes-coming-next-year.
(2) Social Security Changes Coming in 2023 | Fort Pitt Capital. https://www.fortpittcapital.com/blog/social-security-changes/.
(3) Social Security Changes – COLA Fact Sheet. https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf.
(4) Social Security Benefits Increase in 2023 | SSA. https://blog.ssa.gov/social-security-benefits-increase-in-2023/.