Experts Estimate Cost of Living Adjustments for Social Security Disability Recipients
October 14th, 2013|
October 14, 2013
For those unable to work due to a physical or mental condition, making ends meet with the money they receive from Social Security Disability Benefits can be extremely difficult, due to rising costs on products and services. The government addresses this issue each year though by considering a Cost of Living Adjustment (COLA) being made to each recipients benefit total.
While an article published by The Huffington Post explains that the exact total of the benefit increases that will be made next year, if any, are not known; experts have stated the number may be one of the lowest COLAs in history.
Data suggests that a roughly 1.5 percent increase will be made to each recipients benefit package next year. Since 1975 though, an average increase of 4.1 percent has been made annually, with the increase only being below two percent six times during those years.
The increase is figured by examining the inflation on costs of certain products and services. These costs are then input into a formula to determine how much of a benefit increase each recipient needs. Considering costs on these services have not significantly risen in the past year, the COLA is expected to be low.
The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin recognize how complex the Social Security Disability programs processes can be. That is why the firm is here to help anyone who is considering applying for such benefits or who has been denied in the past.