Making ends meet can be a struggle those who receive Social Security Disability benefits. Ricipients must meet strict income limits that prevent savings from being accumulated to be eligible for Disability benefit payments. These financial concerns can be compounded by inflation rates that drive up the cost of goods and services.
What is A COLA?
To combat the latter problem, the Social Security Administration reevaluates how disability payments are structured each year to determine if increases or decreases in payouts are needed. This is often referred to as a Cost of Living Adjustment (COLA).
COLAs use a complex equation to figure the amount of benefits each disability recipient should receive based on the costs of certain items and services necessary for everyday life, including food, fuel, transportation, electricity, and housing.
What Will Next Year’s COLA Be?
Officials say that as long as costs are stable throughout the remainder of the year, disability recipients should expect to see a small increase in benefit payments beginning in Jan. 2015. According to an article from FedSmith.com, current estimates are showing next year’s COLA to be around a 1.7 percent increase in payments.
What Can You Do To Increase Benefits?
These numbers seem small, but there are some things you can do that could potentially increase the amount of benefits you receive. They include:
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