Whether you already receive social security disability benefits or are looking to get approved for them, it’s imperative for you to know about this year’s cost of living assessment increase.
For the first time in nearly 41 years, the amount received by a person who is receiving any type of social security benefits has increased to 8.7 percent. That’s a much higher rate for supplemental security income (SSI) compared to 2022, when the rate was only 5.9%.
As an existing or new disability claimant receiving social security payments, you might be wondering how this new rate affects you. That’s why we had our social security disability lawyers answer the two most important questions you might have below.
Why Did The Cost Of Living Assessment Increase The Benefits Rate So Much?
At the core of this increase is one word: inflation. Since 2022 you might have noticed prices of groceries, gas, household items and more have gone up significantly. To counterbalance those rising costs, the Social Security Administration decided to raise the benefits rate.
The good news alongside this rate hike, is that inflation seems to be declining overall as a result. This could be attributed to those receiving social security benefits, which includes full retirement age Americans and those with disability benefits, feeling slightly more financially secure.
What Does This Mean For Those Receiving SSDI?
For those who already receive disability benefits, nothing more needs to be done. You should have seen an increase in your monthly amount beginning in January 2023. If you have not received an increase, then it’s worth contacting the Social Security Administration or your lawyer for more information.
First time social security disability applicants who get approved in 2023, can also expect to see this 8.7 percent rate in their monthly benefits. If you’re looking to take advantage of the 2023 COLA rate hike, then you need to apply for social security disability as soon as possible.
Getting Approved For Social Security Disability In Rockford, Illinois
If you’re looking to finally get approved for SSDI with COLA 2023’s rates, then you need to secure an aggressive and reliable social security disability attorney that can represent you. The law office of Jeffrey A. Rabin & Associates, Ltd. has worked with claimants across the state to collect social security benefits.
While you focus on your health, we will gather all necessary evidence, file paperwork and correspond with the Social Security administration on your behalf throughout the application process. Rather than search for a big city lawyer to help you from Chicago or Saint Louis, get personalized help from our social security attorneys in Rockford, Il.
Contact our law firm today to schedule your free consultation for social security during COLA 2023.
