Each year typically brings changes to Social Security benefit amounts and eligibility for programs. In 2023 some significant changed were adopted that can impact eligibility and impact benefit amounts due to the agency’s annual Cost-of-living adjustment (COLA).
Social Security Disability Insurance (SSDI) beneficiaries, as well as Supplemental Security Income (SSI) beneficiaries will receive an 8.7 percent increase in benefits this year. This is a substantial increase from past years due to increased inflation. Below we take a look at how the average beneficiary will be impacted by the COLA increase this year.
• The average Social Security retirement beneficiary will receive $1,827 per month in benefits, an increase of $146 per month compared to 2022.
• The average SSDI beneficiary will receive $1,483 per month in 2023, which is a $119 per month increase from last year.
• The average widow or widower monthly benefit amount will be $1,704 in 2023 an increase of $137 per month in 2022.
Payments will also increase for SSI beneficiaries. SSI is a needs-based program for the disabled and elderly. The maximum individual SSI monthly payment will increase from $841 to $914. The maximum monthly benefit for a married couple who both receive SSI will increase from $1,261 to $1,371. For more information about benefit changes can be found at sss.gov.
