Cost of Living Adjustment and Social Security Benefits for 2023
Individuals receiving Social Security benefits for 2023 will see a significant increase in their benefit amount with the Cost of Living Adjustment (COLA). Retirement and Disability benefits will increase by a whopping 8.7% for this year due to inflation. Income thresholds for reviewing a person's eligibility for benefits increased to $1,470 ($2,460.00 if blind) in gross monthly income.
This threshold is called Substantial Gainful Activity (SGA). Additionally, a person who is currently receiving benefits and is attempting to work can earn $1,050.00 in gross income per month without affecting their benefits. Under the "Trial Work Period" rule, a person can receive both benefits and work, but if their gross income exceeds this threshold in 9 months during a 5 year period, eligibility for disability will cease.
If you have questions about your benefits or eligibility, call the experienced attorneys at The Law Office of Malyuk McDaniel Kasper LLC at 330.929.9700.