November 7th, 2012|
The cost of living adjustment (COLA) increases that Social Security retirement recipients get are also applied to Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits, according to stltoday.com.
Social Security recipients—along with SSI and SSDI recipients—will see a slight increase (1.7 percent) in their monthly benefits in 2013.
Since 1975, automatic benefit increases, or COLAs, have been applied to Social Security benefits every year (except for 2010 and 2011, when consumer prices did not experience typical increases, and 1983, due to an administrative change).
The COLA increase will provide a measure of relief to people with disabilities who rely on Social Security disability benefits. Based on the average SSDI benefit of $1,111.35 in August 2012, the increase will amount to about $18.89 per month, or approximately $227 for the year.
Read Friday’s blog to learn practical ways to help you make a small COLA increase go further.
If you or someone you know needs help with Social Security benefits, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.