6 Big Shakeups to Social Security in 2023

New COLA Takes Effect

The biggest development for 2023 is a Social Security COLA increase of 8.7%, which is the most since a 1981 hike of 11.2%.

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Increase in Social Security Disability Thresholds

People who are unable to work for a year or more due to a disability receive monthly compensation from the SSA.

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SSI Federal Payment Standard Rises

The average monthly wage for people increased from $841 in 2022 to $914 in 2023. 

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Rise in Max Benefits for Workers Retiring at Full Retirement Age

In 2023, the limit increased to $3,627 per month from $3,345 in 2022.

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Maximum Taxable Earnings Will Increase for Those Still Working

From $147,000 in 2022, the cap increased to $160,200 in 2023.

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Change to Earnings Test Exempt Amounts

If you have attained FRA, the monthly payment increased from $4,330 in 2022 to $4,710 in 2023.

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