High inflation rates have caused unprecedented increases in 2023 benefit limits. The Social Security released the 2023 Social Security Wage Base in October 2022. All other retirement-focused 2023 limits are determined using an 8.3% increase, which represents the year-over-year increase in the average of the CPI index from the third quarter of 2021 to the third quarter of 2022. The limits for 2023 and 2022 are shown in the table below.