With inflation at its highest levels in decades, the cost of living is a challenge for so many of us, and if you are receiving Social Security benefits or Supplemental Security income, you may feel the squeeze. This especially true in San Diego, as it is a high-cost-of-living metropolis.
Federal law states that if the Department of Labor’s index indicates that the cost of living is up, your federal benefits should rise as well. We all probably do not need to see an index to understand that groceries, services and housing costs are all on the rise, so what Cost of Living Adjustment can we expect in 2023?
What percent will my benefit go up?
According to the Social Security Administration, over 70 million Americans can expect an 8.7% increase in their benefits. You should also receive a notice in the mail sometime in December if the COLA is applicable to your benefits. So, theoretically, a benefit of $500 would rise to $543.50.
When will the COLA increase take effect?
The increase is slated to begin with payments received at the beginning of 2023 for Social Security Disability beneficiaries. SSI payment increases are set to take effect on December 30, 2022.
What if I need help applying for SSD or SSI?
The applications, evidence and other documentation required for a Social Security Disability benefits application can be difficult. If San Diego, Rancho Bernardo or Del Mar residents need assistance with the initial application or an appeal in the case of a denial, an attorney well-versed in Social Security laws and the appeal processes can be an asset.
You do not have to handle any of the red tape alone, and an attorney can assist you at any step in the process because a cost-of-living adjustment is helpful, but you must first qualify for benefits to receive this help.