On October 13, 2022, the Social Security Administration announced an 8.7% benefit increase for 2023. This cost-of-living adjustment (COLA) will be the biggest COLA in more than 40 years with last year’s adjustment being only 5.9%.
Beginning in January of 2023, approximately 70 million Social Security beneficiaries will see an increase in benefits. For SSI beneficiaries, the cost-of-living adjustment will begin on December 30, 2022.
The average Social Security benefit will increase by $145. For SSI recipients, the federal maximum will increase from $841 to $914 a month for individuals and from $1,261 to $1,371 for couples. The changes to Medicare premiums have not yet been announced.
The threshold for substantial gainful activity (SGA) will also increase in 2023. In order to be eligible for disability benefits, a person must be unable to engage in substantial gainful activity. A person who is earning more than a certain monthly amount is ordinarily considered to be engaging in SGA. The threshold for SGA will increase from $1,350 a month for the non-blind and $2,260 for the blind to $1,470 for the non-blind and $2,460 for the blind.
To learn more about Social Security disability and SSI benefits, contact an experienced Social Security disability attorney at Gardberg & Kemmerly, P.C. today at 251-343-1111 for a free case evaluation. Gardberg & Kemmerly, P.C. represents Social Security disability claimants in Alabama, Mississippi, Florida, and Louisiana at all levels of the disability process from initial application to appeals to Federal Court.