COMING?! $2,400 Raise For SSI and SSDI Plus VA | Increase For SSI, SSDI, VA | Social Security 2023
The Social Security Administration (SSA) announced that Social Security and Supplemental Security Income (SSI) beneficiaries, as well as recipients of Department of Veterans Affairs (VA) benefits, will receive a 8.7% cost-of-living adjustment (COLA) for 2023. This increase will be the largest COLA in over 40 years, and it will result in an average monthly benefit increase of $96 for SSI recipients and $129 for Social Security beneficiaries. The announcement also included a separate increase for SSI recipients, which will bring their monthly benefit to the federal poverty level. This increase will be implemented over the course of three years, starting in 2023, and it will result in a total increase of $2,400 by 2025. The purpose of this increase is to provide SSI recipients with a more adequate standard of living and to reduce poverty among elderly and disabled Americans. In addition to the COLA and the SSI increase, the SSA announced an increase in the maximum taxable earnings for Social Security, from $147,000 in 2022 to $162,700 in 2023. This means that workers who earn more than $162,700 in 2023 will not pay Social Security taxes on the excess amount, which is a significant increase from the previous year.
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