Curious about How Inflation Impacts Your Wallet as a Social Security Disability Recipient? Here’s What You Need to Know

Let’s face it: for most Social Security Disability benefits recipients, money is tight, and it certainly is not easy to pay for even small luxuries after necessary expenses have been paid. Indeed, with food and rent or mortgage payments to make, medical expenses to fork out, and utility, internet, phone, and other bills to take care of, a Social Security Disability benefits recipient’s wallet may often feel like it is being squeezed. Unfortunately, another factor may make Social Security Disability benefits recipients’ wallets even tighter. That factor is inflation, and it is unavoidable. But how does inflation impact Social Security Disability benefits recipients, and what can disabled individuals do if they need help seeking important Social Security Disability benefits? We answer those questions here.

Inflation and Your Social Security Disability Benefits: What are the Real Impacts of Inflation on Social Security Disability Benefits Recipients?

According to the National Bureau of Economic Research, overall, Social Security Disability benefits recipients “have been negatively affected by inflation over the last several years.” There are several reasons that inflation hits Social Security Disability benefits recipients hard, the researchers at the Bureau found. One of the main reasons the researchers found is that “more than half (59 percent) of [Social Security Disability] program beneficiaries reported higher prices for the disability-related goods and services they need to purchase.” In fact, 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” and that “Fifty-nine percent of beneficiaries reported higher spending on disability-related goods and services compared to two years earlier”. In response to these increased costs, sadly, more than 25% of Social Security Disability benefits recipients reported that they reduced the amount that they spend on food, 25% indicated that they went into debt, and 43% found that recent COLA adjustments are “insufficient to maintain their standard of living”.

Legal Help for Social Security Disability Benefits Recipients and Social Security Disability Benefits Applicants – Social Security Disability Lawyer

There is no doubt that the world of Social Security Disability is complex, and the process for obtaining Social Security Disability benefits is challenging for many Social Security Disability benefits applicants to go through alone. No person should have to go through the challenging Social Security Disability benefits process without an experienced and skilled advocate by their side to fight for their rights.

If you are seeking Social Security Disability benefits and you need legal help, contact the experienced Social Security Disability lawyers at Nationwide Disability Law. The experienced Social Security Disability lawyers at Nationwide Disability Law are here to help their clients get important Social Security Disability benefits due to them. Do not hesitate to speak to an experienced Social Security Disability lawyer about your case today. Contact the experienced Social Security Disability lawyers at Nationwide Disability Law and speak to an attorney now.

Source:

nber.org/brd/20243/inflations-impact-social-security-disability-program-beneficiaries