Increase In Social Security Benefit Payments Announced For Next Year
September 6th, 2013|
September 6, 2013
Each year, the government examines the changes in costs of basic necessities for living to determine if those who receive Social Security Disability Benefits should receive an increase in payments to offset inflation rates. Some of the costs that are looked at to determine Cost Of Living Adjustments, otherwise known as COLAs, include food, fuel, housing, transportation, and utilities.
Last year brought the first COLA to be offered in quite some time, raising benefit rates by 1.7 percent. Since that time, recipients have been curious as to what the COLA for 2014 may shape up to be.
According to a release from the Air Force Times, recipients of Social Security can once again expect an increase in payment rates. However, the change may not be as great as what was seen this year. Experts are estimating the COLA for 2014 to be around a 1.5 percent increase. The new rate will take effect in December of this year and will be present in recipient payments the following month.
The Congressional Budget Office also released figures estimating a rates to increase by as much as 2 percent in 2014 and an average of 2.2 percent every year until 2018.
The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin recognize how important COLAs can be to benefit recipients and are hopeful the increases will help get beneficiaries the financial assistance they need.