Higher Income Thresholds, COLA Adjustments, Likely in 2023
Next year, Social Security disability beneficiaries may be able to earn a higher amount per month without it having an effect on their eligibility for benefits. This and other changes could be coming to the Social Security Administration as early as 2023.
Experts predict that income thresholds (known as “substantial gainful activity” or “SGA”) for Social Security disability beneficiaries will increase in 2023. Currently, the SGA threshold is $1,350 for disabled individuals. Social Security observers predict the threshold will increase in 2023 making it possible for beneficiaries to earn more and still remain on benefits.
In 2022, the Social Security Administration announced a record cost -of -living adjustment, resulting in more money for Social Security disability beneficiaries. That cost-of-living adjustment may actually increase even further in 2023. Experts suggest that the cost- of -living adjustment will reach 8. 6% in 2023. This has been confirmed by officials at the Social Security Administration who say that the cost-of -living adjustment increase for next year will reflect the growing inflation in the country. If the 8.6% cost-of-living adjustment goes into effect next year, then it would be the highest such increase on record since 1981.