For countless Americans, Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are lifelines of financial support. Annually, the government adjusts payment amounts to match the rising cost of living. In this blog post, we’ll provide clarity on the 2023 SSDI and SSI pay scale increase, focusing on when you can expect these changes.
Social Security Disability Insurance (SSDI) Payment Increase
SSDI benefits are a crucial resource for individuals unable to work due to a disability. The good news is that SSDI payments are slated for an uptick in 2023.
- COLA: The SSDI payment increase hinges on the Cost-of-Living Adjustment (COLA). COLA takes into account shifts in the Consumer Price Index (CPI), reflecting the cost of essential goods and services.
- Expected Timing: SSDI beneficiaries can anticipate this increase to take effect in January 2023. It will help maintain the purchasing power of your benefits in the face of rising expenses.
- Anticipated Raise: For the year 2023, it’s projected that COLA will be around 2.6%. In practical terms, this means SSDI beneficiaries can look forward to a roughly 2.6% boost in their monthly payments starting in January.
Supplemental Security Income (SSI) Payment Increase
SSSI benefits target low-income individuals who are elderly, blind, or disabled. Just like SSDI, SSI payments will also experience an increase in 2023.
- COLA: SSI payments, too, undergo an increase tied to the COLA, much like SSDI. COLA is the mechanism that ensures SSI benefits stay aligned with the cost of living.
- Expected Timing: SSI recipients can expect this increase to take effect concurrently with SSDI, starting in January 2023. It aims to assist recipients in coping with the ever-increasing cost of basic necessities.
- Anticipated Raise: While the precise percentage may resemble that of SSDI, approximately 2.6%, the official figures will be determined as the new year approaches. Nevertheless, even this modest increase can significantly aid SSI beneficiaries in meeting essential needs.
In 2023, recipients of both Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) can anticipate a boost in their monthly payments. The primary purpose of this increase is to offset the escalating cost of living, providing financial relief to those who rely on these benefits.
Mark your calendars for January 2023, as that’s when the COLA-based raise is slated to take effect for both SSDI and SSI. This increase ensures that beneficiaries can better manage their budgets and meet the demands of daily life. To receive precise information about your specific payment adjustment, consider reaching out to the Social Security Administration or visiting their official website as the new year approaches.
For Social Security Disability representation, please contact Sage Disability at 800-316-2794, or www.sagedisability.com, for a free consultation with a disability specialist. If you meet the criteria, a disability specialist will be assigned to walk you through the entire process. With Sage Disability, an experienced SSD specialist will file your application correctly the first time and help you avoid denials, at no out-of-pocket costs to you. You don’t pay unless we win your case. Don’t take any chances when filing or appealing a disability claim. Get help from a disability firm with 50 years’ experience.
Author: Amy Boss