Social Security Announces 1.7 Percent Benefits IncreaseBy Kenton Koszdin Law Office on October 23, 2012 | In Social Security Disability
People who receive retirement or disability benefits from the Social Security Administration (SSA) will receive a 1.7 percent cost-of-living increase in their monthly checks, according to a recent report from ABC News.
The increase is based on price inflation, which the SSA says has stayed fairly low over the last year despite the increase in gas prices. Last year, the cost of living adjustment (COLA) increase for Social Security benefits was 3.6 percent, and no increase at all was added for the two years before that. An increase of 1.7 percent means an average of $19 per benefits recipient, according to the SSA.
Supporters of the increase note that cost-of-living adjustments are key in order to ensure that people who receive disability benefits are actually able to pay their bills and maintain their standard of living despite increases in the prices of consumer goods. Skeptics, however, note that the 1.7 percent benefits increases may get swallowed up by Medicare premium increases. Medicare premiums are taken out of Social Security benefits payments, and they are expected to increase more than 1.7 percent this year.
Social Security disability benefits play a significant role in the lives of many people whose disabilities prevent them from working. If you’re considering filing for benefits or need help with an already-filed application, a skilled Oxnard Social Security disability benefits claim lawyer at the Kenton Koszdin Law Office can help. Call us today at (800) 438-7734 for a free and confidential telephone consultation.