Social Security Beneficiaries To See 8.7% COLA In 2023
The Social Security Administration (SSA) said today that disability beneficiaries would see an 8.7% increase in their monthly benefits, effective January 2023. The increase reflects the rise in cost of living for Americans, and will bump the average monthly benefit amount for Social Security Disability Insurance (SSDI) recipients by approximately $119.
The agency said more than 70 million Americans receiving SSDI, Supplemental Security Income (SSI), retirement and survivor benefits will be impacted by the annual cost-of-living adjustment (COLA), which is based on the U.S. Bureau of Labor Statistics’ Consumer Price Index. The pay raise will help these consumers offset inflation on the cost of most consumer goods and services in recent months.
For SSDI beneficiaries, the average monthly benefit amount in 2023 will be $1,483, up from $1,364 in 2022. The 8.7% boost is the highest since 1981.
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