Fact Sheet
SOCIAL SECURITY
Social Security National Press Office Baltimore, MD
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
$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.
This press release was produced and disseminated at U.S. taxpayer expense.
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
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
