How the 2023 Social Security Cost-of-Living Increases Impact SSDI

How the 2023 Social Security Cost-of-Living Increases Impact SSDI

Benefiting 70 million Americans, Social Security and Supplemental Security Income (SSI) will see an 8.7 percent cost-of-living (COLA) increase for 2023, representing the highest increase in four decades. For retirees, the average Social Security benefit will increase by $146 monthly to $1827 in 2023 (up from $1,681 in 2022). Like Social Security and SSI benefits,…