SSA Announces Major Cost of Living Increase for SSDI Benefits
SSDI benefits are about to go up at an historic rate. The SSA has announced recipients will see an 8.7% increase in their monthly benefit in 2023.
It’s the highest increase in forty years. Here’s what it means for you.
How the Cost of Living Adjustment Works
Every year, the SSA looks at the cost of living and makes changes to SSDI benefits based on the economy. This is called a “cost of living adjustment,” or COLA.
For people living on a fixed income, inflation and regular increases in the cost of living can make it really hard to keep up. COLA addresses this problem by changing the benefits as needed. This year, that means a major increase.
According to the SSA, average monthly SSDI benefits will increase to $1,483 in 2023. That’s a $119/month increase, or $1,428/year. It’s even higher for disabled workers with one or more children: the average monthly benefit will increase to $2,616, which is a $209/month increase, or $2,508/year.
What This Means for You
If you’re already receiving SSDI benefits, you may find it a little easier to keep up with inflation and the skyrocketing cost of living. You will receive the increase automatically as part of your regular SSDI payment.
For people applying for SSDI, you won’t notice a difference until you get approved. Then, you’ll be eligible to receive these higher benefits as soon as January 2023.
Help If You’re Denied SSDI
If you’ve applied for SSDI and been denied, don’t lose heart. The SSA denies the majority of applications the first time around.
However, you have no time to lose: you only have 60 days to appeal, and you shouldn’t go it alone.
Our attorneys will help you file your appeal and fix all the problems in your original application. We’ll strengthen your case, represent you at the appeals hearing, and help you get the benefits you need and deserve. What’s more, we don’t get paid unless you do—and that’s just a fraction of your back payments. You keep every dollar moving forward.
Especially at this time of financial insecurity, with rising costs and uncertain times ahead, every dollar matters. You shouldn’t wait to get SSDI if you need it.
We can help. Contact us today at 901-327-2100 or fill out the form below.