Due to recent inflation, the Social Security Administration has announced the largest cost-of-living increase allowance (COLA) seen in years. This will increase all forms of Social Security benefits starting in 2023, including Social Security disability benefits.
Beginning in January 2023, Social Security recipients will see an 8.7% increase in their checks, while those receiving Social Security Income (SSI) will see their checks rise on December 30, 2022. Keep reading to find out more about the increase in benefits, as well as other changes coming to Social Security in 2023.
2023 Social Security Benefit Amounts
The amount of money you receive from Social Security Retirement or Social Security Disability Insurance (SSDI) varies, depending on the amount of money you made while you were working.
Using the average amounts received, here are examples of how the 8.7% increase will affect benefit checks.
2022 Average Retirement Benefit: $1,681
2023 Average Retirement Benefit: $1,827 (an increase of $146)
2022 Average Disability Benefit: $1.364
2023 Average Disability Benefit: $1,483 (an increase of $119)
2022 Average Widow’s or Widower’s Benefit: $1,567
2023 Average Widow’s or Widower’s Benefit: $1,704 (an increase of $137)
How Much Can I Get in Social Security Disability Benefits in 2023?
If you qualify for Social Security Disability Insurance (SSDI) the amount you receive is unique to each individual and based on your average lifetime earnings before the disability began.
Social Security bases your retirement and disability benefits on the amount of money on which you’ve paid Social Security taxes. This income is called “covered earnings.”
Your average covered earnings over the past 35 years is known as AIME (average indexed monthly earnings). A series of fixed percentages called “bend points” are then calculated into different amounts of your AIME. Every year, the Social Security Administration adjusts the bend points. Click the link to learn more about the formula for 2023.
Or click here for a simpler way to find out if you qualify for SSDI and what your amount would be.
How Much Can I Get in Supplemental Security Income (SSI) in 2023?
Supplemental Security Income (SSI) is different from Social Security Disability Insurance in that it is funded by general federal taxes and not Social Security Taxes. It is intended for those who are elderly, blind, or disabled, and have little to no work history or income.
The average SSI disability check in 2022 is $841 for an individual and $1,261 for a couple.
In 2023, that amount will increase to $914 for an individual and $1,371 for a couple.
How Much Can I Earn and Still Get Social Security Benefits?
There are limits to how much money you can earn and still qualify for SSI, SSDI, and Social Security Retirement benefits, but that limit has increased for 2023.
Supplemental Security Income and Social Security Disability Insurance:
2022- $1350/month
2023- $1470/month
Supplemental Security Income (Blind Recipients):
2022- $2260/month
2023- $2460/month
Anyone working above those limits is considered to be doing Substantial Gainful Activity (SGA) and could have their benefits reduced or lose them altogether.
If you are unsure how much money you can make or if you have any questions regarding working while on SSI or SSDI, it’s best to consult with one of our experienced disability attorneys.
Social Security Retirement Benefits:
If you elected to receive Social Security Retirement benefits early (age 62 or above but before you reached full retirement age) you could only make $19,560 in 2022. That amount has increased to $21,240 for 2023. Once you reach full retirement age (67 for those born after 1960) there is no limit to the amount you can earn and still receive retirement benefits.
If you’ve filed for Social Security Disability Insurance and have been denied, we can help. Use the blue contact section NOW to call us, live chat with us, or message us using our confidential contact form.
At Tucker Disability Law we don’t settle for less. Neither should you.
