4 things U.S. workers need to know about beating inflation if disability strikes

(BPT) - The Social Security Administration implemented their highest cost-of-living adjustment (COLA) in four decades earlier this year. This annual COLA is based on increases in the Consumer Price Index as reported by the U.S. Bureau of Labor Statistics. This means former workers receiving Social Security Disability Insurance (SSDI) benefits saw an increase of 8.7% in their monthly benefits in 2023.

“This significant increase not only attempts to keep up with rising inflation, but also provides some relief for SSDI beneficiaries who face ever-increasing medical and living expenses,” said Steve Perrigo, Allsup vice president. “For those living with severe disabilities or serious chronic illness, SSDI is a vital financial lifeline.”