Social Security for 2023
by: Begley Law Group
On October 13, 2022, the Social Security Administration announced an 8.7% benefit increase for Social Security recipients in 2023. On average, Social Security benefits will increase more than $140 per month beginning January 1. The benefit increases are as follows:
Maximum Social Security benefit for a single individual retiring at full retirement age $3,627
Single SSI payment $914
Married Couple SSI payment $1,371
Essential Person SSI payment $458
Substantial Gainful Activity Threshold – Disabled $1,470
Substantial Gainful Activity Threshold – Blind $2,460
Trial Work Period $1,050
Maximum Social Security Contribution and Benefit Base $160,200
Quarter of Coverage $1,640