Social Security Updates for 2023 Published

October 14, 2022

SSA released to figures for 2023 yesterday – the FACT SHEET shows an 8.7% increase in both the standard Social Security rate (for seniors), but also in the standard SSI rate – from $841/month to $914/month. 

The wage deductible does not appear to have changed, but the taxable wage (for SSA) has increased to $160,200 (not something that impacts most of our staff!) 

The resource limits ($2,000 for individuals) have also not changed.  There is a push among some at the federal level for  all the limits to be raised; a way to support individuals who might move to greater independence and off of a federal benefit, if they could save sufficient funds!   Not a local legislative initiative, but certainly something that we (through ANCOR) can support!