From The Bulletin on Retirement and Disability:
... Social Security Disability (SSD) program beneficiaries, like other consumers, have been negatively affected by inflation over the past several years. In a survey from June of 2023, more than half (59 percent) of SSD program beneficiaries reported higher prices for the disability-related goods and services they need to purchase, and more than one-quarter reported reducing food spending to cover disability-related costs, Zachary Morris and Stephanie Rennane found in Examining the Impact of Inflation on the Economic Security of Disability Program Beneficiaries (NBER RDRC Paper NB23-08).
Using new survey data, the researchers found that 82 percent of beneficiaries reported out-of-pocket expenses related to their disability, with average annual spending of $4,412 and median spending of $384 as of June 2023. Fifty-nine percent of beneficiaries reported higher spending on disability-related goods and services compared to two years earlier. In response to these rising costs, 25 percent of beneficiaries indicated they went into debt; 43 percent found recent COLA adjustments insufficient to maintain their standard of living. ...
1 comment:
Yes, it's very difficult on us claimants. I realize it's difficult for everyone right now, but living on less than $1000 a month right now? It's almost impossible. The cost of living adjustment is NOT going to change that. I'll get a little less than $20/mo more. Not looking forward to...well anything, at the moment. My state has SKYROCKETED in prices. I am leaving because of the cost of living, I'm falling into debt. Never had this happen in the 15 years I've lived here.
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