Social Security Benefits Predicted to Increase Next Year
The beginning of next year is looking expectant for Social Security recipients to receive an increase to their benefits. This includes those receiving Social Security Disability Insurance (SSDI) as well. Experts say this could be the largest increase yet.
Each year the Cost of Living Adjustment (COLA) is assessed due to growing inflation. This year the COLA was 5.9%. Although the exact amount for 2023 will not be announced until this fall, the potential is there for a double digit climb, which hasn’t happened since 1982 when there was an 11.2% increase. This all makes sense with the difficulty we’ve seen in those receiving Social Security and Social Security Disability insurance considering inflation rates have been soaring.
According to The Senior Citizens League, their report suggests that the COLA increase may be 8.6%, while AARP announced the Social Security Administration (SSA) forecasted a 9.1%, to which both of these predictions would still be the highest since 1981. This percentage varies from month based on what the current economic situation is.
The SSA outlines the cost of living adjustments are calculated by the government comparing the average CPI-W, or the Bureau of Labor Statistic’s consumer price index for urban wage earners and clerical workers, for the third quarter of the current year to that of the third quarter the previous year.
In other recent news, the Senate has passed the Inflation Reduction Act, which is next expected to pass the House vote. This Act could benefit disabled seniors by limiting their drug costs. The Social Security Expansion Act is another hopeful Act that would give a bonus check to anyone 62 years old, including Americans who receive Social Security Disability benefits.
Check back with Lowery Law Group this fall when we have the official escalation outcome of the cost of living adjustment to be added to benefits next year.
Contact Lowery Law Group at firstname.lastname@example.org or call (843) 991-0733. There is no fee for a free consultation regarding your claim. Lowery Law Group is experienced in handling cases in South Carolina as well as Georgia.