Create a My Social Security Account to see your 2023 COLA benefit increase. Here’s how
Now that the Social Security Administration has announced astarting in 2023, you’re probably wondering how much your payments will be next year. The cost of living adjustment – also known as COLA – will be an increase of 8.7%, the . If you are curious about the amount of your payments, you will need to create a My Social Security account online.
A My Social Security account will show you your current or future benefits, depending on your expected retirement age and work history. You can also obtain documents forrequest a benefit verification letter or change your mailing address and other personal information.
Here’s how to access your Social Security benefits online and what kind of information and features you’ll be able to access with your My Social Security account. To find out more, if you have time before retiring, here is the. If you are receiving benefits now, here is the for October.
Create a My Social Security account
To see all of your Social Security benefits online, you must first create a My Social Security account. Here’s what to do.
1. Go to ssa.gov on your browser and select my Social Security.
2. Then click on Create an account.
3. You will be prompted to sign in with youror login.gov, unless you created an account before September 18, 2021. Note that you will need to create one of these accounts if you do not have one.
4. Once you have an account, you will need to agree to the terms of service to continue.
5. Next, you will need to verify your identity. Social Security Administration will send you a one-time security code that you must enter within 10 minutes to access your account.
You should now have access to all your social security statements and other details online.
Social Security information you can view online
When you log in to your online account, you will be able to view your social security statements. If you are not yet receiving benefits, you will see an estimate of how much you could receive when you retire.
There’s a chart that shows your monthly benefit amounts if you retire — for example, if you were born in 1960 or later, your chart might show retirement at age 62 (early), age 67 (full) and 70 years (deferred). Note that these retirement ages may change in the future. The longer you wait to retire, the more money you could receive per month.
You can also see your eligibility and earnings information. If you have worked for at least 10 years, you will have enough work credits (you need 40) to receive benefits. If you click View your earnings record, you’ll see your Social Security and Medicare taxable earnings for each year you worked.
When can I see my cost of living adjustment for 2023?
As long as you set up your My Social Security account online by November 15, you’ll be able to see how much your benefits will be increased, said Acting Social Security Administration Commissioner Kilolo Kijakazi. You will then log into your My Social Security account in early December and check the message center to see your new 2023 benefit amount.
If you do not register for a My Social Security account, you will receive a COLA notice in the mail in December.
Note that your higher Social Security payment will take effect in January 2023. If you are a recipient of Supplemental Security Income, your first increased payment will be on December 30.
What else can you do with a My Social Security account?
There are several things you can do from your My Social Security account.
- Begin your retirement application.
- Start a disability claim if you are unable to work for a year or more due to a medical condition.
- Calculate benefits for a current or former spouse, based on your income.
- Check the status of your retirement or disability application.
- Ask for a benefit verification letter showing your payments or lack thereof.
- Declare your salary if you work and have Social Security disability insurance.
Would you like more information on Social Security? Here’s how to know if it’s.