NEW 2023 SSA Changes | $3600+ CHECKS | SSI, SSDI, Seniors, Social Security Disability Update
As we approach 2023, there are several changes that individuals should be aware of when it comes to Social Security and disability benefits. These changes include updates to the Supplemental Security Income (SSI) program, the Social Security Disability Insurance (SSDI) program, and Social Security in general. In this essay, we will discuss everything you need to know about these changes and how they may affect you. Firstly, let’s take a look at the SSI program. SSI provides financial assistance to people who are aged, blind, or disabled and have limited income and resources. In 2023, the maximum federal SSI payment for an individual will increase from $794 to $814 per month. For couples, the maximum federal SSI payment will increase from $1,191 to $1,221 per month. Additionally, the SSI resource limit will increase from $2,000 to $2,100 for an individual, and from $3,000 to $3,150 for a couple. Next, let’s discuss changes to the SSDI program. SSDI provides benefits to individuals who have worked and paid Social Security taxes, but are no longer able to work due to a disability. In 2023, the average SSDI payment will increase from $1,277 to $1,311 per month. The maximum amount an individual can receive through SSDI will also increase, from $3,148 to $3,225 per month. It’s worth noting that both SSI and SSDI benefits are adjusted annually to reflect changes in the cost of living. This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the prices of goods and services. The increase in benefits for 2023 is based on a 5.9% increase in the CPI-W from the third quarter of 2021 to the third quarter of 2022. Finally, let’s take a look at some general changes to Social Security. In 2023, the maximum taxable earnings for Social Security will increase from $142,800 to $147,000. This means that individuals who earn more than $147,000 will not pay Social Security taxes on any earnings above that amount. Additionally, the full retirement age for those born in 1958 will increase from 66 years and 8 months to 66 years and 10 months. The full retirement age is the age at which an individual can receive their full Social Security retirement benefit, and it varies based on the year of birth.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
