How Disability Payments Have Gone Up in 2023
The Cost of Living Adjustment, COLA, is a yearly adjustment that is made to Social Security payments based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This adjustment is only enacted if there is a minimum increase of 0.1% for the CPI-W. A COLA is not enacted if the CPI-W increases by less than 0.05%, or if the CPI-W goes down.
The purpose of the COLA is to ensure that Social Security benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI), remain appropriate and fair regardless of inflation and other economic changes.
The COLA increase in 2023 is set at 8.7 percent for Social Security payments. Approximately 70 million Americans are now seeing this income increase reflected on their Social Security checks.
The total monthly amounts SSDI and other Social Security beneficiaries receive are calculated based on each individual’s previous earnings. For individuals receiving SSI, the new totals are calculated based on their most recent SSI benefit amounts. This means that every person’s Social Security payment, regardless of whether they are disabled or merely retired, will increase at the same rate, but by a different number.
According to the Social Security Administration (SSA), the 2023 COLA will increase the estimated average monthly payment for all disabled workers by $119.00. For disabled workers with a spouse and at least one child, the estimated average monthly payment will rise by $209.00. For individuals receiving SSI, the estimated average monthly payment will increase by about $73.00.
Contact Us Today
If you’re struggling to understand the various rules and adjustments related to SSI and SSDI benefits, reach out to our Social Security Disability lawyers in Missouri today and request a free consultation. The team at Grundy Disability Group is here to help individuals who receive disability benefits fully understand their rights and how the Social Security system works, including COLA increases.
