How much will SSDI benefits increase in 2023?

On Behalf of | Dec 20, 2022 | Social Security Disability

As you undoubtedly have noticed, it costs more simply to survive nowadays than it did just a few years ago. This is largely due to inflation, which has caused the price of most everyday goods to skyrocket. Luckily, if you receive Social Security Disability Insurance benefits, your check is likely to increase in 2023.

Each year, the Social Security Administration decides how much to adjust benefits payments to keep up with cost-of-living increases. According to the SSA, the latest cost-of-living adjustment will boost SSDI benefits by 8.7%. This COLA is one of the larger ones in history.

When will you notice higher payments?

If you already receive SSDI benefits, your higher payments should start in January 2023. This is true regardless of how you get your benefits payments. Still, it makes good sense to check your January 2023 payment to ensure it reflects the 8.7% adjustment.

How long will the COLA last?

The SSA applies its COLA to all benefits payments you receive for the year. If inflation moderates or even decreases, you should continue to receive higher payments. The SSA will consider another COLA at the end of 2023, however.

Do you have to request the increase?

All SSDI benefits recipients should automatically receive adjusted payments. Consequently, you should not have to do anything to receive yours. If you do not receive the COLA, though, you should reach out to the SSA to investigate the matter.

Ultimately, while your SSDI benefits still might not keep up with the high cost of consumer goods, having more money in your pocket should make your life a bit easier during the next 12 months.