SSA Announces 8.7% COLA Increase for 2023
The Social Security Administration announced this morning that Social Security beneficiaries will receive an 8.7 percent increase in 2023. That is good news for people with disabilities and older Americans who rely on Social Security or Supplemental Security Income benefits.
The average Social Security Disability Insurance (SSDI) benefit is expected to increase from $1,364/month in 2022 to $1,483/month in 2023. The maximum Federal Supplemental Security Income (SSI) benefit for an individual will increase from $841/month in 2022 to $ 914/month in 2023.
Although this is the highest COLA increase since the early 1980s, the average increase in benefits of $119/month for SSDI and $73/month for SSI might still not be enough to keep up with the rising costs that Social Security disability beneficiaries face.
Other Social Security thresholds will also be impacted based on changes in the average wages that Americans earned in 2022.
Of great importance for the disability program, the substantial gainful activity (SGA) level will receive a bump in 2023. SGA thresholds will change as follows:
- Non-blind will increase from $1,350/month in 2022 to $1,470/month in 2024
- Blind SGA will increase from $2,260/month to $2,460/month
Additional important details of the SSA announcement include:
The trial work period threshold (TWP) will increase from $970/month to $1,050/month
- The maximum taxable earnings from wages for the Social Security will increase from $147,000 in 2022 to $160,200 in 2023
You can see more information about the COLA on the SSA Fact Sheet or by visiting ssa.gov/cola.
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