SSA Announces a Cost-of-Living Adjustment (“COLA”) for 2023

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!

 For more information on the 2023 COLA adjustment, please visit Social Security’s website for more details.

 Got a question that you need answered? Please check out our website at www.westcoastdisability.com . We try to provide you with valuable information on our website that may help you navigate the Social Security Disability process. Also, feel free to shoot me an email at megan@westcoastdisability.com or call us at (800) 459-3017 x 101.