The new figures are in for 2023’s Cost of Living Adjustment (COLA), and as many had predicted there has been another significant leap. The new COLA dwarfs even last year’s notable 5.9% and comes in at a staggering 8.7% increase.
In terms of how that looks to SSI recipients, it means that the Federal Benefit Rate (FBR) will stand at $914 a month for an individual and $1,371 for a married couple. Those figures are still far below even this year’s Federal Poverty Rate, but will put a few more pennies in your pocket. The resource limits remain as they have been since 1984, stuck fast at $2000 for individuals and $3000 for a couple.
As is the case each year, the COLA announcement comes with news of changes to the Trial Work Period (TWP) , Substantial Gainful Activity (SGA), and Student Earned Income Exclusion (SEIE) thresholds. Each one has also had a considerable boost, which will be music to the ears of working beneficiaries. The TWP in 2023 is up from this year’s $970 to $1,050; the SGA for non-blind recipients and applicants rises $120 to $1,470; and for those who are statutorily blind that figure leaps from $2,260 to $2,460. The SEIE monthly and annual limits bound up to $2,220 and $8,950 respectively.
It’s also good news for those who took their SSA retirement early. You can work and earn $1,770 a month before they take anything from your Social Security check, and if 2023 is the year you reach your full retirement age you can now safely gross monthly earnings of $4,710 instead of this year’s $4,330. Of course, once you hit those happy pastures of full retirement there is no cap on your earnings, as has always been the case.
Here’s the full list of changes for the new year: Social Security Changes – COLA Fact Sheet (ssa.gov)