The Social Security Administration (SSA) recently announced cost-of-living and other adjustments for 2023.
The maximum Supplemental Security Income (SSI) payment will increase from $841 to $914 per month for eligible individuals. For eligible couples, the maximum monthly payment will increase to $1,371. SSI is a benefit available to people 65 or older, disabled, or blind and who have very limited income and assets.
The maximum substantial gainful activity limit will also go up in 2023. For blind individuals the limit will be $2,460 per month. For non-blind individuals, the substantial gainful activity limit will be $1,470 per month. SSA uses substantial gainful activity as an initial screen to test SSI disability applicants. In general, individuals earning more that the substantial gainful activity limit per month will have their applications denied. For those on Social Security Disability Insurance (SSDI), the substantial gainful activity limit is also the maximum a person can earn per month while remaining on SSDI.
The trigger for a trial work period for individuals potentially returning losing disabled status and returning to the work force will increase from $970 to $1050 per month.
The maximum annual contribution to an ABLE account will also increase to $17,000 in 2023.
General social security retirement benefits will increase by 8.7% in 2023. The average payment will be $1,827 per month.
For any questions about ABLE accounts, SSI, or applying for SSI, please call Mitchell, Brown & Associates at (314) 962-0186.