Some Social Security, Supplemental security income and Social security disability income beneficiaries have already seen the 2023 increase the cost of living hit their bank accounts. However, for those who haven’t received that payment yet, know that the Social Security Administration is disbursing checks in rounds throughout the month. You may have to wait a little longer to get that check.
Fortunately, you don’t have to wait for your check to arrive to see how much of a benefit the COLA will give you.
If you created an online My Social Security account before November 15, you can now see how much your check has increased. Below we explain how to find the document with your COLA increase.
A My Social Security account shows you your current or expected future benefits, based on your expected retirement age and your work history. You can also submit documents for it file your tax returnrequest 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 information and features you can access with your My Social Security account. If you are receiving benefits now, this is the Social Security payment schedule for January. Also, this is why SSI beneficiaries don’t receive a January check.
How can I see my cost of living adjustment for 2023?
If you created your My Social Security account online before November 15, you can now see how much your benefits will increase for 2023. Just log in to your My Social Security account and check the message center to see the document that contains all the details about your new allowance amount in 2023.
The document should tell you how much your monthly benefit is before and after deductions, and when you will receive your first payment with the COLA increase.
If you haven’t signed up for a My Social Security account, look for the COLA message you received in the mail in December. The letter states the amount of your benefit for 2023.
Note that your increased Social Security payment will take effect in January 2023. If you are a beneficiary of Supplemental Security Income, your first increased payment was December 30, 2022.
Create a My Social Security account
To view 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 in your browser and click Learn more about my account next mine Social security account.
2. Then click create an account.
3. You will be prompted to log in with your ID.me account or login.gov account, unless you created an account before September 18, 2021. Keep in mind that you’ll need to create one of those accounts if you don’t already have one.
4. Once you have an account, you must agree to the terms of service to continue.
5. Next, you need to verify your identity. The Social Security Administration will send a one-time security code to your email address that you must enter within 10 minutes to proceed to your account.
You should now be able to access all of your Social Security statements and other details online.
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Social security information that you can view online
When you log in to your online account, you can view your Social Security statements. If you are not yet receiving benefits, you will see an estimate of the amount you could receive when you retire.
There is a table of your monthly benefit amounts when you retire. For example, if you were born in 1960 or later, your chart might show retirement at 62 years old (early), 67 years old (full), and 70 years old (delayed). Please note that these retirement ages may change in the future. The longer you wait to retire, the more money you can receive per month.
You can also view information about your eligibility and income. If you’ve worked for at least 10 years, you have enough work credits — you need 40 — to receive benefits. If you click Check your income statement, you will see your taxed Social Security and Medicare income for each year you worked.
What else can you do with a My Social Security account?
There are several things you can do from your My Social Security account.
- Apply for a Social Security card replacement.
- Start your pension application.
- File 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 record.
- Check the status of your pension or disability application.
- Request a benefits verification letter detailing your payments or lack thereof.
- Declare your wages if you work and receive Social Security disability insurance.
Would you like more information about social security? Here’s how to tell if it is safe to share your social security number.
