Although the COVID pandemic is largely behind us, as a country we will be forever changed. There isn’t a sector of business or a family that can say they haven’t been touched in some way by the effects of the pandemic. As our families become healthier physically, we are now faced with a nation that is quickly moving towards poor economic health. Gas prices soar and a trip to the grocery store can leave some families wondering how they are going to make ends meet.
COLA increase by 8.7 percent in 2023
So what happens to the families that depend on social security benefits? According to a recent article in Forbes, a recent analysis by the social security administration shows that benefits to social security could increase as much as 8% in 2023. This Cost of Living Adjustment (“COLA”) is made annually in an attempt to combat the rising costs of goods and services. According to the report, this could result in an average of $143 in extra monthly income which would be the largest increase in over 40 years.
For those in the process of trying to obtain social security disability benefits across the country, the social security disability experts at Newlin Disability are hopeful that this increase will be reflected in January benefits. Knowing the timeline to obtain social security disability benefits can often be lengthy, Newlin Disability recognizes that this could have a greater impact on the overall financial wellness for the clients they serve.