No Increase Coming for Social Security RecipientsBy Kenton Koszdin Law Office on November 13, 2015 | In Social Security Disability
For four decades, recipients of Social Security benefits could count on a slight increase every year. Now, for the third time since 2010, there will be no increase.
This cost-of-living adjustment (COLA) is vital as it helps recipients keep up with rising costs and inflation of daily life. According to a Los Angeles Times report, this lack of a COLA will affect 70 million Americans. This includes federal retirees, disabled veterans, and recipients of Supplemental Security Income (SSI).
Benefits are supposed to go up every year as a reaction to inflation, but inflation has stayed low the past few years. That is the justification for the lack of increase in SSI, but it doesn’t account for rising premiums for Medicare coverage. The failure to raise Social Security benefits could prevent millions of people from purchasing healthcare. Many worry that the inflation index affects working Americans more than retirees.
Nearly 60 million retirees and disabled workers receive an average monthly Social Security payment of $1,224. This is a particularly devastating decision for Los Angeles residents. In Southern California, the cost of living is high and there will be a $550 million Medi-Cal deficit.
But, there is still support for recipients of Social Security in Los Angeles. Don’t hesitate to speak with a Los Angeles Social Security attorney who can help you understand your rights and options.
The Kenton Koszdin Law Office can help. Call us at (800) 438-7734.