NEW 2023 PAYOUTS (April & May) | SSI, Social Security, Disability, Survivor, Old Age Benefits Update
The Social Security Administration has recently announced new payout amounts for April and May 2023. These new payout amounts will affect individuals who are receiving Social Security benefits such as SSI, Social Security, Disability, Survivor, and Old Age. For SSI recipients, the maximum federal payment amount for an individual will be $794 per month, up from $794.87 in 2022. For couples, the maximum federal payment amount will be $1,191 per month, up from $1,191.31 in 2022. For Social Security recipients, the average monthly benefit will increase to $1,657 in 2023, up from $1,543 in 2022. This is an increase of approximately 7.4%. The maximum monthly Social Security benefit for a worker retiring at full retirement age will increase to $3,266 per month, up from $3,148 in 2022. For Disability beneficiaries, the average monthly benefit will increase to $1,348 in 2023, up from $1,277 in 2022. The maximum monthly Disability benefit for a worker will increase to $3,066 per month, up from $3,011 in 2022. For Survivor beneficiaries, the average monthly benefit will increase to $1,494 in 2023, up from $1,393 in 2022. The maximum monthly Survivor benefit for a spouse will increase to $2,425 per month, up from $2,386 in 2022. For Old Age beneficiaries, the average monthly benefit will increase to $1,793 in 2023, up from $1,682 in 2022. The maximum monthly Old Age benefit for a worker will increase to $3,558 per month, up from $3,484 in 2022. These new payout amounts reflect cost-of-living adjustments based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W is used to calculate the annual cost-of-living adjustments for Social Security benefits. It is important to note that these new payout amounts will not affect everyone who receives Social Security benefits. Some individuals may receive less than these amounts if they have other sources of income, such as pensions or other government benefits. Additionally, some individuals may receive more than these amounts if they have been receiving benefits for a longer period of time and are eligible for certain adjustments. Overall, the new payout amounts for April and May 2023 provide a much-needed increase in benefits for individuals who rely on Social Security for their financial well-being. These increases will help to offset the rising cost of living and ensure that Social Security benefits remain a reliable source of income for millions of Americans.
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