How Does the 2012 SSA Cost of Living Adjustment Affect Me?

So you have received a letter from the Social Security Administration letting you know that your benefits for 2012 are going to increase, and you don’t know why. This is exciting news. To your surprise, this is not a gimmick and the extra amount you’re going to receive each month is yours to keep.

Every year, the federal government compares the value of housing, healthcare, taxes, and food to determine if people are spending more money on these items to provide a comfortable living environment. If they feel that people are spending higher amounts of money for these items, they will provide a cost of living adjustment. The cost of living adjustment is a benefit for you so that you can financially keep up with the increase in prices. The state of West Virginia has not had a cost of living increase since 2009.

The 2012 cost of living adjustment affects anyone who is receiving Social Security Benefits.  Some Social Security Disability benefits that were affected are:

1.    The total benefit amount of a married couple receiving SSI was increased.

2.    The amount of an individual’s SSI monthly payment increased.

3.    There was also an increase in the current monthly amount of your Social Security Disability or Social Security Retirement benefit up to the maximums payable under the respective program.

If you are considering applying for your Social Security Benefits, or if you have been denied, give our office a call today for a free consultation: 1-877-526-3457. Also, check us out online at www.jandils.com

To see a complete list of what changes were made, click on the link below or call your local Social Security Administration.

http://www.socialsecurity.gov/pressoffice/factsheets/colafacts2012.htm