Almost 9% Pay Raise in 2023 for Social Security, Vets

Starting January 1, 2023, nearly 79 million people (about 24% of the U.S. population) will receive an 8.7% pay raise. This increase impacts anyone who receives benefits from either the Social Security Administration or U.S. Department of Veterans Affairs. The 2023 cost-of-living-adjustment (COLA) is the highest bump in benefit pay since 1981’s 11.2% increase 42 years ago. See exactly how much more money beneficiaries can expect from each program and when checks go out below.

$146/Month Pay Raise for Retirees on Social Security in 2023

In 2022, the average Social Security retirement benefit paid $1,681 per month. Thanks to the 8.7% pay raise, that amount increases to $1,827/month in Social Security benefits for each retiree in 2023.

Number of Social Security retirees and dependents in 2022: 51 million

Average 2022 Social Security retirement payment for couples: $2,734/month

Social Security payment to retired couples after 2023 pay raise: $2,972/month, on average

$119/Month Pay Raise in 2023 for People on Social Security Disability

People applying for or currently receiving Social Security Disability Insurance (SSDI) benefits also get the 8.7% pay raise for 2023. The current average SSDI payment for 2022 is $1,364/month for disabled workers nationwide. In 2023, the COLA pay raise bumps that average SSD benefit amount up to $1,483/month.

SSDI beneficiaries receiving disability payments 2022: 9 million disabled workers, their spouses, and dependent/minor children younger than 18

Average SSDI payment in 2022 to disabled-worker families with at least one child: $2,407/month

Avg. SSDI monthly payment after 2023 pay raise for disabled-worker families with one or more children: $2,616/month

How 2023 Pay Raise Impacts Social Security Survivor’s Benefits

If a worker dies while receiving SSDI or Social Security retirement, the SSA pays survivor’s benefits to eligible family members. An average $137 per month pay raise will go to widowed spouses drawing survivor’s benefits in 2023. A widowed mother with two children at home should receive an extra $282/month in benefits.

Widowed spouses and children getting survivor’s benefits in 2022: 5.8 million

When Will the 2023 Pay Raise Go Into Your Bank Account?

Please see when to expect the 2023 pay raise to appear in your bank account below, based on your benefit type and birth date.

Pay Raise Effective Dates for People On SSDI

• Wednesday, January 11, 2023 if you were born on days 1-10 of your birth month
• Wednesday, January 18, 2023 if you were born on days 11-20 of your birth month
• Wednesday, January 25, 2023 if you were born on days 21-31 of your birth month

The check with the new pay amount for SSI beneficiaries goes through on Friday, December 30, 2022.

Drawing early retirement or regular Social Security payments? Then expect your raise to show up in your bank account on Monday, January 3, 2023.

Medicare Premiums Decrease for the First Time Since 2012

In previous years, many people saw rising Medicare costs eat up most of their COLA increase. But in January 2023, Medicare Part B premiums fall from $170.10 to $164.90, saving beneficiaries $5.20 each month. That savings adds up to $62.40 each year for eligible disabled and retired Americans drawing Social Security.

Biden Administration Caps Medicare Insulin Costs at $35/Month

Here’s more good news for anyone enrolled in Medicare for 2023: Lower insulin costs. Starting January 1, anyone with Medicare Part D coverage pays no more than $35/month for insulin. That price cap also applies to those who receive a 60-day or 90-day supply of the drug. People with traditional insulin pumps covered under Medicare Part B get the same $35/month price cap starting July 1, 2023.

2023 Pay Raise Also Applies to Supplemental Security Income Benefits

Supplemental Security Income (SSI) pays benefits to eligible low-income households based on disability or age (i.e., those 65 and older). Individuals can expect a $73/month pay raise in SSI benefits. That’s due to the maximum SSI payment rising from $841 in 2022 to $914 for 2023. Eligible couples on SSI will get a $110/month increase for 2023. The maximum SSI payment for 2022 is 1,261/month per couple. However, 2023’s 8.7% pay raise brings that maximum SSI pay amount up to $1,371/month for each couple.

Number of SSI beneficiaries in 2022: 7.6 million

How 2023 Pay Raise Impacts Veterans Drawing VA Disability or Pension Benefits

A VA report shows 130,000 vets get pension benefits and another 5.27 million with monthly disability compensation as of 12/31/2021. Here’s how much the 2023 COLA increase should add to monthly VA disability checks, based on your current rating:

• $13.28/month pay raise for vets with a 10% VA disability rating
• $289.89/month pay raise for vets with a 100% VA disability rating

The VA increase for retired military service members ranges from $77-$87 per $1,000 received in monthly pension benefits.

Legal Assistance Makes You 3x More Likely to Get Disability

Government reports show having a Social Security attorney file your paperwork dramatically increases your odds of benefit approval. We can match you with a local lawyer who’s available to give you free claim help by phone today. People who qualify for legal assistance through our website typically get more than $12,000 in lump-sum benefits from the SSA. And the SSA awards them that one-time payment in addition to monthly benefits!

If your claim isn’t successful, you owe $0 for legal assistance. But if you do win, then you’ll only pay a small, one-time fee.

Ready to see if you may qualify? Click the button below to start your free online claim evaluation now:

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