Tag: COLA

Economists Predict Drop in COLA to 3.1% Next Year

In 2023, recipients of Social Security benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) saw a record Cost of Living Adjustment (COLA) of 8.7%. This was the largest increase in the COLA since 1981, a significant increase in the amount of money they received. However, economists are forecasting a much more modest increase of 3.1% this year, as economic conditions begin to settle.

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Why Did SSDI and SSI Payments Go Up in 2023?

Recipients of Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) may have noticed that their payments went up dramatically at the beginning of 2023. While not unwelcome, it may seem odd why SSDI and SSI payments went up so much. Why did this happen, and what does it potentially mean for the future of SSDI and SSI?

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Social Security COLA Set to Be Nearly 9% in 2023

The Social Security Administration (SSA) has announced that the Cost of Living Adjustment (COLA) for Social Security benefits will be nearly 9% in 2023, the largest increase in Social Security benefits in 40 years. This even outpaces the 2022 COLA adjustment of 5.9%, which had been itself record-breaking at the time. Unfortunately, this adjustment is a reflection of rising prices that have made things more difficult for Social Security beneficiaries in the past year.

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SSA Announces 2023 COLA Likely to Rise by 8%

The Social Security Administration has announced that the Cost of Living Adjustment (COLA) may rise as much as 8% next year. This is to account for rising inflation, which has driven up the cost of living across the country, and which has had a disproportionate impact on many lower income citizens. As a result, recipients of Social Security benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) should see a substantial increase in their benefits over the next year.

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The Cost of Living Adustment (COLA) and How it Affects You

The Cost of Living Adjustment, also known as the COLA, is an important factor in determining what benefits people receive when they get Social Security disability benefits. However, not many people understand what the COLA is, or why it might be important to them. So what is the COLA, and how does it affect people receiving Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI)?

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Social Security Benefits to See 5.9% Increase in 2022

The Social Security Administration (SSA) has announced that recipients of Social Security benefits will see a 5.9% increase in benefits in 2022. This represents the largest increase in Social Security  since at least 2008. This increase in benefits will affect retirees collecting Social Security retirement benefits, as well as people collecting disability benefits through Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI).

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What is the Cost of Living Adjustment (COLA)?

People who gain benefits through the Social Security Administration (SSA) may have heard before of the Cost of Living Adjustment, also known as COLA. The COLA has a significant impact on the amount of money that people with Social Security benefits receive, including those who get disability benefits. But what exactly is it, and how does it impact recipients of benefits like Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI)? Continue reading “What is the Cost of Living Adjustment (COLA)?”

Social Security, COLA and You

People who count on benefits from the Social Security Administration (SSA) for survival, including people on Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI), tend to pay close attention to how their benefits change from year to year. And yet, many SSDI and SSI recipients are unaware of the Cost-of-Living Adjustment (COLA), and how it affects their benefits. So, what is the COLA, and how does it impact you? Continue reading “Social Security, COLA and You”

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