The MLO Minute: “2023 Cost-of-Living Adjustment (COLA)”
The Social Security Administration recently issued the 2023 Cost-of Living Adjustment (COLA). Social Security and Supplemental Security (SSI) beneficiaries will receive an 8.7% COLA for 2023. COLA notices are typically mailed out to retirement, survivors and disability beneficiaries, SSI recipients and representative payees throughout the month of December.
Individuals receiving SSI benefits will see an increase of their monthly benefit to $914.00 per month (the benefit is currently $841/month). In general, in order to be eligible for Social Security Disability benefits, an adult must be unable to engage in Substantial Gainful Activity (SGA). A person who is earning more than a certain gross monthly amount is considered to be engaging in substantial gainful activity. The Social Security Administration has also adjusted SGA threshold for 2023 to $1470 per month (the SGA threshold is currently $1,350/month).
For more information on all 2023 COLA see Social Security’s 2023 COLA Fact Sheet: