The Social Security Administration has announced that its beneficiaries will see a significant increase – totaling nearly 9 percent – in their monthly Social Security checks come January 2023. This cost-of-living adjustment (COLA) is the largest boost to Social Security benefits in more than 40 years. The increase for 2022 was 5.9 percent.
Supplemental Security Income (SSI), which helps support millions of limited-income people with disabilities, will provide recipients with a slightly higher payout – on average, $73 more a month for individuals and $110 more a month for couples – beginning on December 30, 2022.
Note that many states supplement the federal government’s SSI payments. Depending on where you live, you could receive additional cash benefits.
Disabled workers receiving Social Security Disability Insurance (SSDI) benefits will also see a monthly increase – about $119 more on average for those who are not blind.
Eligibility for SSI as well as SSDI is contingent on recipients being unable to engage in substantial gainful activity (SGA). To determine whether a person can perform SGA, they must not be able to achieve a specified monthly income. In 2023, this SGA threshold will increase from $1,350 to $1,470 a month.
Students receiving SSI can have a certain amount of money excluded without losing eligibility for the program. This threshold will increase in 2022 from $ $2,040 to $2,220 monthly.
Access a listing of all the 2023 Social Security changes.
Consult with Ashley Day for additional guidance on these types of benefits.