How Social Security Payments Have Changed in 2023
Category: Disability Law
- 07 Jun 2023
- Posted By WebSiteAdmin
In 2023 Social Security COLA (cost of living allowances) was raised 8.7% – the most at one time since 1981. The steep increase this year was to help keep up with the super high inflation rate, which is the largest and 41 years.
The average monthly Social Security payment for retired workers has risen from $1,681 to $1,827, an increase of $146 per month. These increases started rolling out in January of this year.
It should be noted that the 2023 COLA increase won’t apply to all recipients of Social Security. Some recipients will receive more than the 8.7% and some will be lower due to a myriad of factors, including insurance and Medicare.
If you received no increase in your payments and believe that you should have, you may want to contact an attorney who specializes in these matters. They can help you build a case that proves you need the money to survive. A Security Disability attorney in Brevard County FL will be able to assist you and your SSDI claims and appeals.
Rise in maximum benefits for workers retirement retiring at full retirement age
Americans who wait to retire at the full age of 66 or 67 (depending on when you were born) saw a bump in maximum benefits this year. The maximum increased from $3,345 per month to $3,627 per month.
Debt ceiling and Social Security payments
It seems like every time the debt ceiling needs to be raised, politicians instantly talk about slashing entitlement programs. Instead of looking to slash budgets in other areas of government, they always seem to come after these programs. Social Security is a program which we have all paid into over the course of our working lives. So it is understandable that people who are dependent on these payments get very agitated when these events occur.
It is a good idea to pay attention to these political issues as they may affect your income and cause you to spend your money differently. If you are ever affected by these changes and find yourself with insufficient funds to cover your bills it may be a good idea to contact an attorney who specializes in these matters.
In conclusion, there is good and bad news for Social Security and disability payments. There has been a positive increase in the amount that is being paid out but at the same time politicians are constantly looking to slash benefits.
Now may be a good time to try to rework your budget and prepare for when and if benefits do get slashed. It never hurts to think ahead and prepare ahead. If the last several years has taught us anything, its that uncertainty is the only certain thing.