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2023 Social Security Updates
Published on December 6, 2022
by
Leslie Bailey
There will be a 8.7% cost of living adjustment (COLA) to Social Security and SSI benefits for 2023.
- The following are the federal monthly SSI benefit amount for 2023 (there is no increase to the NYS state supplement amount):
- For an individual living alone: $914, plus the NYS supplement of $87, for a total of $1,001.
- For a couple living alone: $1,371, plus the NYS supplement of $104, for a total of $1,475.
- Substantial Gainful Activity (SGA) Level:
- For people with disabilities: $1,470 per month.
- For the blind: $2,460 per month.
- The monthly amount of earnings needed to earn a quarter of coverage for Social Security Insurance-based benefits: $1,640.
- Amount triggering a Trial Work Period (TWP): $1,050 per month.
- Maximum amount of the Social Security retirement benefit when retiring at full retirement: $3,627 per month.
- Estimated average monthly Social Security retirement benefit for all workers: $1,827 per month.
For more information about COLA go to: https://www.ssa.gov/cola
