COLA

Social Security Administration Announces COLA for 2024: What to Know

COLA-for-2024-announced-by-social-security-administration

As inflation continues to hike up the prices of consumer goods and living expenses in the U.S., the SSA makes sure its 71 million beneficiaries can still support themselves and their families with the annual cost-of-living adjustment (COLA). This is when the SSA increases checks by a certain percentage to ensure the purchasing power of…

Continue Reading

SSA Cost of Living Adjustment Announced for 2023

2023-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…

Continue Reading

Disability Benefits to Increase Significantly With Next Year’s Projected COLA

blue-arrows-showing-increase

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…

Continue Reading