INCREASE in SSI, SSDI, Senior, Social Security + Disability Benefits | NEW 2023 UPDATE
As of 2023, Social Security and Disability benefits are increasing. Social Security beneficiaries will see a 5.9% cost-of-living adjustment (COLA), which is the largest increase in 40 years. This means the average monthly benefit for retired workers will increase by $92 to $1,657. The maximum amount of earnings subject to the Social Security tax will also increase to $147,000, up from $142,800 in 2022. For those receiving Supplemental Security Income (SSI), the federal benefit rate will increase to $843 per month for individuals and $1,261 for couples. Many states also supplement SSI payments, which will vary by state. Similarly, those receiving Social Security Disability Insurance (SSDI) benefits will see a 5.9% increase in their monthly payments. The average monthly SSDI benefit will increase by $94 to $1,714. Lastly, seniors who receive Social Security benefits will be able to earn more money without a reduction in benefits. In 2023, the earnings limit for those under full retirement age will increase to $19,560 per year, up from $18,960 in 2022. Once a person reaches full retirement age, there is no earnings limit. Overall, the increase in Social Security and Disability benefits will provide much-needed financial relief to millions of Americans who rely on these programs for their livelihood.
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