MID-HUDSON – Social Security and Supplemental Security Income benefits for Hudson Valley residents and all other recipients around the country will see them increase 8.7 percent in 2023, the Social Security Administration announced on Thursday. On average, Social Security benefits will increase by more than $140 per month starting in January.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” said Acting Commissioner Kilolo Kijakazi. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older American s who count on the benefits they have earned.”
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to Social Security tax (taxable maximum) will increase from $147,000 t $160,200.