It’s Here! Cost of Living Adjustments Will Start Arriving Soon
The most prevalent Cost of Living Adjustment (COLA) to Social Security checks and bank deposits will start arriving in January. This 8.7% increase has been the largest COLA in the past 40 years. These measurements are officially taken in July, August and September, which happen to be when inflation rates hit 9%, 8.6% and 8.5% respectively.
Those that get Social Security benefits are pleased to see the average retiree benefit adding $146 a month to their paychecks. For some recipients that means $1,827. The disability benefits increase is to an extra $119 month, or a maximum payout of $1,483.
For anyone receiving Supplemental Security Income (SSI), their new payout might have begun on December 30, 2022.
However, according to the latest Consumer Price Index report (released on Oct. 13), the cost of food is up 11.2% over this time last year while utilities like electric and piped gas are up 19.8% and the cost of housing is up 6.6%. So while this monthly payment increase is very much needed and appreciated, the question is still being asked if it’s enough to cover the bills.
Luckily Seniors are also seeing premiums for Medicare going down by 3%. “Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” said Social Security Administration Commissioner Kilolo Kijakazi. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.”
Social Security Disability Threshold Increase
For individuals who are unable to work for a year or more because of a disability, the SSA pays monthly benefits to them. These benefits usually continue until recipients can work again on a regular basis. Nevertheless, there are instances when you might have a qualifying disability even if you’re still working, such as if you can’t perform working roles you previously did because of your medical condition. In this circumstance, you are only eligible up to a certain amount of income. When you pass that threshold, you cannot be considered to have a qualifying disability.
Following are the threshold changes for 2023, based on average monthly earnings:
|Trial Work Period (TWP)||$970/month||$1,050/month|
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