The Social Security Administration has announced this month an 8.7 percent benefit increase for 2023. This cost-of-living adjustment (“COLA”) will begin on December 31, 2022 for Supplemental Security Income (“SSI”) beneficiaries. Social Security Disability Insurance (“SSDI”) and Social Security Retirement recipients will see the effects of the COLA in their January 2023 benefit payments. This COLA will affect the more than 70 million Americans who receive monthly Social Security and Supplemental Security Income benefits.
Additionally, the maximum amount of earnings subject to Social Security tax will be increased from $147,000 to $160,200.
While inflation, rising gas and food prices and a bursting housing market continues to wreak havoc on our economy, it is nice to hear some favorable economic news for once!
