The millions of individuals in New Jersey and across the rest of America who receive Social Security Disability Insurance benefits should expect to see higher monthly payments starting in Jan. 2022. The increase is based on the Social Security Administration’s annual cost of living adjustment, or COLA. According to experts, the new adjustment is the highest in decades and should be very helpful for those who receive benefits.
How much do SSDI recipients get?
The average monthly SSDI benefits payment in 2021 is $1,282, and is set to increase to $1,358 in 2022. The average payment for disabled workers, spouses or children is slightly higher at around $2,250, and will rise to $2,383. This roughly a 5.9% increase is intended to keep up with:
- Rising costs of living
- Rising medical costs
The 5.9% COLA increase is the largest since 1982. That year, SSDI benefit recipients received a 7.4% increase. These increases are essential for recipients, as they provide much needed financial support. SSDI benefits are not necessarily permanent either, as many rely on them until they have reached a point where they can return to work.
Current SSDI benefits recipients do not need to take extra steps to ensure that they receive the cost of living adjustment. However, this may be a good time for those who are considering applying for benefits to take action. The process from applying to actually receiving those benefits can be confusing and time consuming though, which is why many people in New Jersey choose to seek knowledgeable guidance for the journey.