COLA

Recently, the SSA announced that the cost-of-living adjustment (COLA) for 2023 is 8.7% – the highest increase in payments in decades. This boost in monthly benefits will begin in January 2023. This is the highest the COLA has ever been since 1981, which saw an increase in benefits by 11.2%. For the approximately 70 million…

Social Security Disability beneficiaries will likely be seeing an increase in their payments next year which may be the largest in decades. This is due to growing inflation and the continuously climbing cost-of-living in the United States, which informs the automatic cost-of-living adjustment, or COLA. The COLA is based on how any increase in the…