If you are struggling to make ends meet, your mind is probably not playing tricks on you. In fact, according to reporting from CNBC, inflation has caused the cost of many everyday items to increase by almost 8%. While there are some indications that inflation may be moderating, you need some financial help.
Each year, the Social Security Administration decides whether to increase Social Security Disability Insurance benefits to help combat inflation. Because inflation has been out of control recently, SSDI recipients should expect to see a sizeable cost-of-living adjustment.
How much is the increase?
According to the SSA, SSDI recipients should see an 8.7% increase in the benefits they receive. This is a much larger increase than just a year ago, when recipients received a 5.9% increase. Indeed, next year’s 8.7% increase is one of the larger ones on record.
When should you receive the increase?
The SSA should begin sending increased SSDI benefits payments in early 2023. Therefore, you should plan to receive your increased benefits payment in January. Your increased payments should continue throughout the year, of course.
Do you have to do anything?
You should not have to do anything to receive higher SSDI payments, as the SSA automatically increases payment amounts for eligible recipients. If you do not receive the increase automatically, though, you might need to reach out to the SSA to resolve the issue. You can do so telephonically or by scheduling an appointment with your local SSA office.
Ultimately, until inflation moderates, your higher SSDI payments should make paying for essential items a bit easier.