There are several changes to Social Security benefits in 2023. Some of the changes include an increase in overall benefits as well as an increase to the maximum amount of benefits a person may receive. As inflation runs rampant, the cost-of-living adjustment is also set to increase.
If you need to apply for Social Security benefits in 2023, our experienced Social Security Disability lawyers in Green Bay are prepared to help. Our licensed attorneys have been helping clients apply and receive the benefits they need for decades.
We offer a free consultation to discuss your claim, and there are no upfront fees if we take on your case.
Call (877) 888-5201 today.
Cost-of-Living Adjustments
In October 2022, the Social Security Administration (SSA) announced an 8.7 percent Cost-of-Living Adjustment (COLA) increase to benefits for 2023. The yearly COLA increases are based on the Consumer Price Index. The average monthly Social Security Disability (SSD) benefits are set to increase by $119. This is the largest increase to SSD since the 1980s, but it is because inflation continues to drive the price of goods up.
It is important to note that this is only an average number. Every case is different. Without knowing all the facts, it is difficult to determine how much an individual will receive in SSD benefits.
Recipients of benefits will see the COLA increases on their checks beginning in January. This means that if you applied for SSD benefits before the increases took effect, you should receive the appropriate amount for each month since the date you applied.
For example, if you applied for benefits in October, but you are not approved for benefits until January, you would receive the amount of benefits for SSD established for 2022 from October through December. Then, all benefit checks you receive after January should be the new amount.
Will Maximum Social Security Benefits Also Increase?
Yes. Since COLA increased, the maximum amount of SSD benefits an individual can receive is also set to increase. The maximum anyone can receive in monthly benefits is $3,627. This amount is up from $3,345 per month.
Will Eligibility for SSD Benefits Change?
Another change to note in SSD in 2023 is who is eligible for benefits.
The SSA will consider anyone applying for disability payments eligible if they are not working or if they are making less than $1,470 per month. This number is also up from 2022, when the threshold was $1,350. However, if you are legally blind, the threshold for benefit eligibility is a monthly income of $2,460, up $200 from 2022.
In 2023, to be eligible for benefits the amount of income necessary to earn a credit for one calendar quarter of SSD benefits is $1,640.
Apart from the increase in monthly income and credits, the SSA has not made significant changes to eligibility for SSD benefits.
For disabled individuals who want to partake in a Trial Work Period (TWP), the income limit is also increasing from $970 per month to $1,050. This means that you may try to work for a nine-month period to see if you are able to get back into the workforce permanently after benefiting from SSD payments for a time. However, you cannot make more than $1,050 per month during that trial period.
Other Changes to Keep in Mind
Those who apply for Supplemental Security Income (SSI) will also see an 8.7 percent increase in benefit payments. The maximum federal SSI payment in 2023 is $914 a month for individuals. This is up from $841 in 2022. For couples, the maximum benefit payment is $1,371 from $1,261.
Have More Questions About These Changes? Call Us Today
If you are concerned about your SSD application since the 2023 changes to benefits were implemented, call our knowledgeable attorneys today. We can discuss your claim to see how we may be able to help you get approved.
There are no upfront costs for our services, and we do not charge you anything if we take on your case. The initial consultation is free and confidential, so there is no risk to you.
Call (877) 888-5201 to learn more.