Cost-of-Living Adjustment (COLA) Announced for 2023
Every fall, the Social Security Administration (SSA) announces a cost-of-living adjustment (COLA) for Social Security payments for the following year. COLA is designed to ensure that beneficiaries don’t lose their financial security due to inflation and the rapidly rising cost of consumer goods and services in the United States.
Recently, the SSA announced that the COLA increase for 2023 is 8.7% – the highest disability benefits increase in 40 years. That means that about 70 million Americans collecting Social Security benefits will see a significant increase in their monthly payments. So if you’re collecting disability benefits or plan to collect, here’s what you should know about next year’s COLA.
What to Expect from Your SSD Payments After COLA