If you’re receiving Social Security benefits, get ready for some significant changes coming your way. The Social Security Administration (SSA) is contacting beneficiaries soon about updates to the Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and the 2023 cost-of-living adjustment (COLA) increase.
The COLA increase is an annual adjustment that helps ensure that Social Security benefits keep pace with inflation. This year’s COLA increase is expected to be modest, with the exact amount still to be determined. It’s important to note that the COLA increase only applies to retirement, survivor, and disability benefits, not to SSI payments.
In addition to the COLA increase, the SSA is also making changes to the SSI and SSDI programs. SSI is a needs-based program that provides financial assistance to individuals with low income and few assets. SSDI is a program that provides benefits to individuals who are unable to work due to a disability. The SSA is implementing these changes to ensure that the programs continue to meet the needs of those who rely on them.
If you receive Social Security benefits, it’s important to stay informed about these changes and how they’ll affect you. The SSA will be contacting beneficiaries soon with more information, so be sure to keep an eye out for their correspondence. In the meantime, you can also visit the SSA’s website for updates and more information about these changes.
Overall, these changes are an important reminder of the importance of staying informed about your Social Security benefits and staying up-to-date with any updates or changes to the program. By staying informed, you can ensure that you’re receiving the benefits you’re entitled to and that you’re prepared for any future changes to the program.