Anyone who receives Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) will see some positive changes to their payouts when it comes to receiving benefits this year. These shifts will vary for some recipients depending on things like Medicare, primary insurance amount, type and length of disability, and more, but it is essential to stay on top of what’s happening with Social Security so you receive the financial support you applied for and deserve.
1. SSDI Recipients Get a Cost-of-Living Adjustment
Recipients of SSDI should have already received their first check of 2023 – and it looks different than checks of the past. This check includes the 2023 COLA – cost-of-living adjustment – a modification made annually by the Social Security Administration. January’s payment is notable because the check reflects the biggest COLA in over 40 years – an 8.7% jump thanks to the skyrocketing inflation rate.
2. Increase in Social Security Disability Thresholds
When someone applies for SSDI benefits and their application is approved, they receive benefits until they’re able to work again on a regular basis. Some people, though, can work even though they have a qualifying disability – this makes them eligible for only a certain amount of income, but these thresholds have increased by $100 to $200 for the non-blind, blind, and those on a trial work period.
3. Rise in the SSI Federal Payment Standard
If a Social Security recipient also qualifies for SSI benefits, they are likely to see an increase in the maximum Federal SSI payments they receive in 2023. This is influenced by the 8.7% COLA increase too. Couples will see their payments go from $1,261 in 2022 to $1,371 in 2023 and individuals can expect a standard raise from $842 to $914.
4. Shift in Earnings Test Exempt Amounts
If your earnings exceed a certain level and you are younger than the full retirement age, you fit into a category known as the retirement earnings text exempt amount wherein Social Security withholds benefits. The Social Security Administration explains this circumstance where one of two different exempt amounts apply – a lower amount is issued in the years before a worker reaches full retirement age and a higher amount is issued in the year full retirement age is reached.
5. Increased Max Benefits for Some Retirees
Any American who is retiring at full retirement age – either 66 or 67 – will see a raise in their maximum benefits in 2023. Previously set at $3,345 a month in 2022, the increase has changed these monthly checks to $3,627 in 2023.
Get the SSI and SSDI You Deserve
These Social Security changes may sound straightforward, but sometimes they don’t work that way. If you need support or believe that you’re owed more SSDI benefits than you receive, rely on the experts at Thurswell Law. Contact us to get help right away in securing Social Security Disability Insurance benefits or call us at (248) 354-2222. We do not charge any fees until we win.