Important information regarding the Social Security COLA
POSTED BY devind . August 27, 2016
It’s that special time of year when our calendars change and we have to think just a little harder when writing the date. While the New Year is often a time when we are thinking of resolutions and new beginnings, it’s also important to think about your finances for the year ahead. If you are receiving Social Security Disability then you likely noticed a small increase in the amount of your disability payment this month. This is because of the annual cost of living adjustment by the SSA. Recipients should notice a 1.7% increase in their benefits because of the cost of living adjustment, or “COLA” as it is often called.
According to the SSA, more than 58 million individuals will be affected by this increase. However, you may be curious as to how this is determined. The SSA states that it is determined The SSA website states that it is tied to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
If you would like more information regarding the COLA, check out the full information on the SSA website. To learn more about what we can do to help you get the social security benefits you deserve, call us toll-free: 1-877-526-3457.