Our clients have a lot of questions when it comes to their Social Security disability benefits, and many of those questions are in regard to whether Social Security Disability Insurance (SSDI) recipients get cost of living raises.
In 1973, Cost-of-living-adjustments, also known as COLAs, were introduced in 1973 to ensure SSDI benefits keep up with inflation. These increases in benefits are based on information found in the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers (CPI-W), which are calculated on a monthly basis by the Bureau of Labor Statistics.
How SSDI COLA is Calculated
To calculate the SSDI COLA, the government compares the average CPI-W for the third quarter of the year the most recent COLA became effective, to the average CPI-W of the third quarter of the current year. If it is the same, or there is a decrease, there will not be a COLA for the upcoming year. If there is an increase, it will be rounded to the nearest tenth of a percent and that will be the amount of the COLA for the next year.
When Does SSDI Get a COLA Increase for 2023?
In January of 2023, 7.7 million Social Security disability recipients began receiving an 8.7% increase. According to the Social Security Administration (SSA), the raise will amount to around $119 additional dollars for each recipient, bringing the typical monthly benefit amount up to $1,483, from $1,364.
Knowledgeable Halifax, VA SSDI Attorney
At Cunningham Law Group, we know that most things related to SSDI benefits are not as clear cut as the process for receiving a COLA raise. When you are looking for a dedicated attorney to help you navigate the many layers of the Social Security disability process, reach out to our compassionate and dedicated team at Cunningham Law Group.
We are committed to helping you obtain the Social Security benefits you deserve and ensuring you maintain your eligibility status for those benefits. For more information or to schedule your free consultation, call our office today.