October 13, 2022 – The Social Security Administration announced the cost of living adjustment (COLA)for 2023. The annual increase amount is tied to the Consumer Price Index, which is determined by the Department of Labor’s Bureau of Labor Statistics. Persons receiving benefits will see an increase of 8.7% beginning in January 2023. This increase will apply to Social Security, Supplemental Security Income, and Veterans Disability benefits. This news comes as inflation has pushed many Americans into financial crisis, struggling to meet their basic needs.
The average recipient will see approximately $140 per month in additional benefits, but the Social Security Administration recommends individuals check their my Social Security account online to find out the exact amount of their 2023 benefits payments. If you do not have an account, you will need to create one before November 15, 2022, in order to see your notice online, rather than waiting for a letter in the mail. The Administration also announced that premiums for Medicare Part B will decrease in 2023, which will help seniors struggling with increased costs.
You can read the full press release here.
At Rutter Mills, we have been helping people get the benefits they need and deserve. If you were denied social security or VA disability benefits, call us for a free consultation. Our compassionate team of specialists will listen to and evaluate your situation. Call our Social Security disability lawyers at 757-622-5000 today! We will do everything we can to help.