For the more than 64 million Americans who depend on Social Security Disability benefits or Supplemental Security Income as their primary financial resource, making ends meet can be a struggle. That’s why word of an increase in benefit payments is good news to most disabled citizens.
Cost of Living Adjustments (COLA)
Each year, the federal government and Social Security Administration take into consideration the rise and fall in prices of certain everyday household goods and services. A cost of living adjustment—or COLA—is made to the amount each Social Security recipient gets in payments each month based on the rise or fall in costs.
How COLAs Are Determined
The amount of the annual COLA is decided by an equation called the Consumer Price Index. The fluctuations in prices of the goods and services being examined as part of the COLA are plugged into the equation, which is then used to determine a percentage the rate of compensation should rise or fall.
What Is the 2015 Social Security COLA?
According to a press release from the Social Security Administration, recipients should expect to see a 1.7 percent increase in payments beginning next year. This means each recipient should see an increase of around $20 per month in benefits.
COLA Benefits SSD Recipients
At Stewart & Stewart Attorneys, our team of Indiana personal injury lawyers recognize the financial hardships many disabled Americans face on a daily basis. That’s why the firm is hopeful the increase in benefit payments will help provide families with some much needed relief.