Recipients of Social Security and SSI Benefits Get a Raise

Dollarphotoclub_69690745-300x212In 2023, Americans with disabilities will receive a significant raise in their Supplemental Security Income (SSI) and in other Social Security benefits.

According to the Social Security Administration, monthly SSI payments are going up 8.7% – an average increase of more than $140 per month beginning this January.

This cost-of-living adjustment (COLA) increase will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023 and began on December 30, 2022 with increased payments to more than 7 million SSI beneficiaries. (Note: some people receive both Social Security and SSI benefits).

The increase is a result of the yearly COLA (cost-of-living) adjustment and inflation and based on the Consumer Price Index determined by the U.S. Department of Labor.

For individuals receiving SSI, the maximum federal benefit for 2023 will grow to $914 per month. And, for couples receiving SSI, the maximum benefit will now be $1,371 per month. (In some cases this may be higher, as some states contribute more.)

Information about these changes can be found online through an individual’s Social Security account. Furthermore, the SSA mailed notices in December to beneficiaries which detailed any new payment amounts.

For more details about 2023 changes to Social Security amounts, view this handy fact sheet offered by the Social Security Administration.

Related Posts:
3 Tips for Getting the Most Out of Social Security
Does Power of Attorney Allow You to Manage Someone Else’s Social Security?
What You Should Know About Social Security Disability Insurance (SSDI)
Compassionate Allowances: Fast Track to Social Security Disability Benefits

Members of:
Contact Information