If you have looked into Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) it is possible you may have heard of the CPI-W. In fact, the CPI-W is essential for understanding how much you are likely to receive from your SSDI or SSI payments. But what exactly is the CPI-W, and why might it matter to you as an SSDI or SSI recipient?
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.