Social Security’s Cost-of-Living Adjustment

Last month, the 64 million recipients of Social Security benefits were slated to receive a 1.7% cost-of-living adjustment (COLA) to their monthly check. Announced by the SSA in late 2014, this should equate to around an extra $264 per year for beneficiaries to help with rising costs of living.

While for many individuals receiving Social Security Disability payments, this money will go directly into their groceries and other bills, if your budget affords any leeway to invest the extra money, this could be helpful in the long run. In fact, financial experts have recommended putting the money toward stock or property investments or allocating it for something practical such as writing a will.

Though the cost-of-living adjustment wasn’t as high as some advocates had hoped, it offers a much-needed cushion to support the rising costs of groceries and other necessities. Hopefully, between this and the cheaper gas prices of late, Social Security Disability beneficiaries will find their needs met when they are unable to work.

If you’re considering applying for Social Security Disability Insurance (SSDI) benefits or have questions about the process, the experienced lawyers of Jan Dils, Attorneys at Law, can help. (Please keep in mind, you must have medical evidence that shows your condition will last longer than 12 months or could result in death.)

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