Earlier this morning, the Social Security Administration (SSA) announced a Cost-of-Living Adjustment (COLA) for 2023. Social Security and Supplemental Security Income (SSI) recipients will see an 8.7% increase in their benefits. Prior to 2022, COLA increases had been around 1-1.3%. Last year saw a major increase of 5.4%, but this year’s adjustment is the highest COLA jump in decades.
The 8.7% increase will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2023. Approximately 8 million SSI beneficiaries will begin to see increased payments as early as December 30, 2022.
The COLA is meant to ensure that Social Security benefits are not negatively impacted by inflation. “As inflation rates continue to rise, we are thrilled that our clients trying to survive on a fixed income will see a significant increase in their monthly benefits starting in December 2022,” said attorney Nicklyn Dolphin.
Our Social Security disability attorneys are dedicated to helping people throughout New England. If you or a loved one is seeking Social Security disability benefits or are looking for information regarding disability benefits, we are here to help.
