Social Security Cost-of-Living Adjustment (COLA) for 2023

The Social Security Administration (SSA) has announced an 8.7% Cost-of-Living Adjustment (COLA) for 2023. This means that people on Social Security and Supplemental Security Income (SSI) are about to get a 8.7% increase in their benefits for 2023.

We have listed some example dollar amounts from SSA below, but you can find out your exact amount in your “my Social Security” account at Social Security will also mail paper notices in December.

SSI beneficiaries will begin receiving the increased payments on December 30, 2022. Social Security beneficiaries will begin receiving the increased payments in January 2023.

Noteworthy Changes

From the SSA’s COLA Fact Sheet, here are some actual dollar amounts with the 8.7% increase factored in:

Substantial Gainful Activity (SGA) Limit Increase

SGA limit for Non-Blind will increase from $1,350 to $1,470 per month, and from $2,260 to $2,460 per month for those who are Blind.

Trial Work Period (TWP) Threshold Increase

Trial Work Period (TWP) threshold will increase from $970 to $1,050 per month.

SSI Federal Payment Standard

  • For an Individual, SSI will go from $841 to $914 per month
  • For Couples, SSI will go from $1,261 to $1,371 per month

SSI Student Exclusion

  • Monthly limit will go from $2,040 to $2,220
  • Annual limit will go from $8,230 to $8,950 per year

SSI Resource Limits

Sadly, there is still no change here; it remains at $2,000 for individuals and $3,000 for couples. NOTE: A Bill has been introduced in the Senate to finally increase this limit and for the amount to increase annually with COLA.

Estimated Average Monthly Social Security Benefits Payable in January 2023

  • All Retired Workers – increase from $1,681 to $1,827
  • Aged Couple, Both Receiving Benefits – increase from $2,734 to $2,616
  • Widowed Mother and Two Children – increase from $3,238 to $3,520
  • Aged Widow(er) Alone – increase from $1,567 to $1,704
  • Disabled Worker, Spouse and One or More Children – increase from $2,407 to $2,616
  • All Disabled Workers – increase from $1,364 to $1,483

Past Cost-of-Living Adjustments

This 2023 COLA is the largest increase in over 40 years, when it was raised 11.2% in 1981.
This chart can be found on

COLA increases occur to retain the value of Social Security benefits against inflation. The rate of inflation is measured using the Consumer Price Index.

Before 1975, Social Security benefits were only increased when Congress “enacted special legislation”. We are certainly grateful that is no longer the case.