A 8.7 percent cost-of-living adjustment (COLA) is effective beginning January 1, 2023. The average monthly Social Security benefit is $1,827 (vs $1,681 in 2022) for a retired worker. The average monthly benefit is $1,470 (vs $1,350 in 2022) for a disabled worker.
Social security tax applies on wage and salary income up to $160,200. Workers receive a work credit for $1,647 of wage and salary income each quarter. They may earn four work credits each calendar year.
These changes are included in the 2023 fact sheet at: