Social Security Disability Recipients Will Receive Increase In Payments Next Year
October 30th, 2013|
October 30, 2013
The rising costs of living in today’s society can make it extremely difficult for those who collect Social Security disability benefits as their main source of income to make ends meet. The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin explain that a little relief for these individuals is on the way next year in the form of an increase in benefit payments.
An article from Federal News Radio explains that each year, the federal government examines the rates of inflation on certain products and services that are necessary for everyday living. These fluctuations are then used to determine a Cost-of-Living-Adjustment, or COLA, for Social Security recipients.
Typically, these COLAs can range anywhere between a two and 10 percent increase. Over the last several years though, the increases have been much smaller. The federal government announced this year will be no different, with Social Security recipients getting a 1.5 percent increase in benefits next year.
This is one of the lowest Social Security COLAs in the history of the system. Experts say that recent decreases in gas and fuel costs can be pinpointed as a leading cause for the COLAs being so low.
Fleschner, Stark, Tanoos & Newlin and their team of attorneys recognize how complex the process of determining the amount of benefits an individual will collect from Social Security can be and urges those individuals considering applying for such benefits to discuss their case with an attorney.