Each year the Social Security Administration makes changes to its programs. These changes typically involve cost of living adjustments that determine how much money recipients will receive for the coming year.
Due to high inflation in 2022, most recipients of SSDI and SSI will see an increase in payments starting in January 2023.
New Social Security Disability thresholds
A fact sheet from SSA shows that most programs will receive an 8.7 percent COLA increase for 2023. This raises the income threshold from SSA for non-blind recipients from $1,350 a month to $1,470 a month. For blind recipients, monthly payments go from $2,260 to $2,460.
The SSA calculates these changes based on the increase in the Consumer Price Index from the third quarter of 2021 through the third quarter of 2022. The increase allows recipients to maintain a stable standard of living even in the face of inflationary pressures. This COLA will raise the average payments for disabled workers from $1,364 a month to $1,483 a month.
New SSI federal payment standards
This program can help individuals who do not meet certain income thresholds and who need federal assistance. Under this program, a qualifying individual will receive a payment standard of $914 a month in 2023, up from $841 a month. A qualifying couple will receive $1,371 a month, up from $1,261 a month.
Individuals with certain assets do not qualify for SSI. The limits for assets do not change in 2023. They remain capped at $2,000 in assets for an individual and $3,000 in assets for a couple.
Both these programs help individuals and couples lead a better quality of life. The SSA oversees these programs.