SSDI Waiting Period: In March 2023, the average Social Security Disability Insurance (SSDI) payment increased by 4 percent, marking a notable increase for beneficiaries.
A major factor in this increase in benefits is the annual cost-of-living adjustment, which protects SSDI recipients’ purchasing power.
The adjustment reflects ongoing efforts to ensure financial stability for beneficiaries, including an increase of 3.2 percent in benefit amounts.
It’s the increase in new SSDI recipients compared to those already getting benefits that’s driving the overall rise in average income.
Since last year, approximately 318,000 more people have started receiving SSDI benefits, bringing the total to 8,736,000, mostly disabled workers.
SSDI recipients with birthdays between the 11th and 20th of any month got their checks yesterday, while those with birthdays between the 21st and 31st can expect their April payment next Wednesday.
Getting the hang of payment schedules
It’s crucial for SSDI recipients to understand the waiting period. SSDI benefits usually start five months after approval.
Future beneficiaries should take this waiting period into consideration when planning their finances.
SSDI benefits are exempt from the waiting period for people with amyotrophic lateral sclerosis (ALS) who apply on or after July 23, 2020.
“The waiting period ensures benefits are allocated to those with long-term disabilities,” explains the Social Security Administration. “It serves as a means of verifying the severity and duration of the disability before payments commence.”
Understanding the SSDI application process and budgeting for income gaps is crucial, says [insert name], a financial advisor who specializes in SSDI cases.
For current and prospective SSDI beneficiaries, the increase in SSDI payments and the waiting period are crucial.
The SSDI process can be streamlined with proper planning and understanding of these factors.
Also Read: Thousands of Children Removed From Social Security: What You Need to Know
