The Social Security Administration’s Cost-of-Living Adjustment, or COLA, is designed to ensure that Social Security Disability (SSD) beneficiaries stay financially sound as prices of goods and services steadily rise due to inflation. Every fall, the SSA announces the increase in Social Security checks for the coming year and enact the change at the beginning of January.
Recently, the SSA announced that the COLA increase for 2023 is 8.7% – the highest increase beneficiaries have seen in their checks since 1981. So if you’re collecting disability benefits, here’s what you should know about next year’s COLA.
How is COLA Calculated?
The annual adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The SSA calculates this increase by measuring the CPI-W change from the previous year’s third quarter to the current year’s third quarter.
What to Expect in Your SSD Payments in January
Once the COLA takes effect this January, beneficiaries will see an average increase of $140 to their monthly checks. Social Security beneficiaries are usually notified about their increase in benefits by mail starting in early December. However, the My Social Security online portal is the fastest way to learn about your increased benefit amount.
As consumer prices continue to surge, many are finding themselves under pressure to make ends meet. However, millions of Americans collecting disability benefits can rest assured that this increase in benefits will help to meet increasing economic demands.
Pacific Northwest SSD Attorneys with A Record of Winning
If you have become disabled and can no longer work, the SSA could provide financial support to help you get by. Unfortunately, the SSD claims process can be difficult to navigate alone, often resulting in an initial denial. That’s where the well-versed and trustworthy disability attorneys at Kerr Robichaux & Carroll come in. We’ll take on the SSA while fighting for you every step of the way.
Contact us today by submitting a form below or calling our office at 503-255-9092 for a free consultation.