The Social Security Administration has announced that there will be a 1.7% cost-of-living adjustment (COLA) for Social Security and SSI beneficiaries in 2013. This is substantially lower than the 3.6% COLA in 2012. The COLA is determined by comparing the change in the Consumer Price Index from the third quarter of 2011, to the third quarter of 2012.
As a result of the COLA, the average monthly benefit in 2013 for all disabled workers will be $1,132 (vs. $1,113 in 2012). For a disabled worker, spouse, and one or more children, the average monthly benefit in 2013 will be $1,919 (vs. $1,887 in 2012). The maximum benefit will be $2,533 (vs. $2,513 in 2012).
