The Social Security Administration announced a cost-of-living adjustment (COLA) increase of 5.9 % for disability beneficiaries in 2022. It was the highest COLA increase in years, taking into consideration inflation and the increase in the cost of basic goods and services. However, all signs are that the increase hasn’t helped disability beneficiaries keep up with the soaring costs of living.
For many Social Security disability beneficiaries, especially those in poor socioeconomic conditions, these monthly disability benefits checks are their only source of income. Disability beneficiaries are not able to work and earn any other income. This group of people relies solely on benefits to manage their living expenses and they stand to be hurt the most by the rising cost of living.
The average 2022 benefits increase is about $76. According to many disability advocates, once expenses like Medicare are removed, the final amount left is meager.