When the cost of living rises, Federal benefit rates increase. The government uses the Department of Labor’s Consumer Price Index (CPI-W), which rises with inflation, to determine what the increased payments should be. Higher inflation leads to a higher cost of living and the cost-of-living adjustment (COLA) can help to offset some of these costs.
Every year the maximum Federal Supplemental Security Income payment amounts increase in conjunction with the COLA as they relate to receiving Social Security benefits. The Social Security Administration has noted that effective in January of 2023, the amounts will reflect an 8.7 percent increase that begins in December of 2022.
When Will I Know My New Benefit Amount?
COLA notices will be mailed out throughout the month of December to disability beneficiaries as well as retirement and SSI recipients. However, you can safely obtain your notice using the secure online Message Center in your personal my Social Security account if you would like to know what your new benefit amount is as early as possible. The information, including your cost of living increase, will be available here in early December, prior to the notices being mailed out.
If you would prefer to not receive your notice in the mail, you can change your preferences in the Message Center at my Social Security account. Simply opt out of receiving your COLA notice by mail by changing your preferences.
Social Security Payment Calendar 2023
The new payment schedule calendar for 2023 has been released and is shown here. This chart will allow you to know when you can expect your payment, making it easier to budget properly.
If you would like to apply for Social Security Disability benefits or have questions about your current claim, please contact our dedicated Social Security disability lawyers in Utica, NY today.