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Social Security recipients will receive 8.7% bump in benefits

On Behalf of | Dec 22, 2022 | Firm News |

People who receive benefits from Social Security Administration (SSA) programs will see a significant increase by the first of the year. That 8.7% cost-of-living boost is a long time coming and marks the largest increase since 1981.

This group not only includes recipients of Social Security and Supplemental Security Income (SSI), but also the more than 7.7 million disabled workers who receive Social Security disability (SSD) benefits because they no longer can work due to a medical ailment or condition.

Disabled, workers, spouses and children benefit

On Oct. 13, the SSA announced the 8.7% cost-of-living adjustment (COLA). Once it takes effect on Jan. 1, the average payment for SSD benefits is set to increase by about $120. According to the SSA, disabled workers received average payments of $1,363 in September of this year. That amount should climb to $1,483.

Not only will the change apply to disabled workers, but also to their spouses (93,000) and children (1.2 million) who received disability benefits in September of this year.

Age breakdown related to payments

According to the SSA’s most recent annual SSD report – released in November of last year – here is a breakdown of the average amount of benefits received in December 2020 by disabled workers by age group:

  • Ages 25 and younger received $693
  • Ages 25 to 29 received $804
  • Ages 30 to 34 received $903
  • Ages 35 to 39 received $1,001
  • Ages 40 to 44 received $1,085
  • Ages 45 to 49 received $1,160
  • Ages 50 to 54 received $1,230
  • Ages 55 to 59 received $1,301
  • Ages 60 to 64: received $1,394
  • Ages 65 to full retirement age received $1,441

Granted, these amounts are from the end of 2020 and fall short of today’s current average. Regardless, disabled workers – no matter what age group – will soon receive a nearly 9% increase in SSD benefits.

Applause for government announcement

Many disabled workers want to get back on the job to support themselves and their families. Some are able to do so, while others are hindered by permanent medical conditions that prevent them from working. SSD benefits support disabled workers. And the news of the upcoming benefits increase should receive a good amount of applause.