Is Social Security Giving You a Raise in 2016?

Is Social Security Giving You a Raise in 2016?

Calculating the average cost of living is a complicated process. It has to take into account a large variety of factors including the cost of: inflation, food, shelter, clothing and gas. When all these factors are added together the final calculated cost of living will have a direct effect on the amount of money social security recipients receive.

The Social Security Administration meets together every October to determine if a cost of living adjustment (COLA) is needed. They do this by using set formulas and factors to determine if there has been a significant increase in the cost of living. The COLA typically increases from 1 to 5 percent.  This is not a guarantee though, some years it has been increased by 14 percent and others it has not increased at all.

The Social Security Trustees Report was released earlier this year. In this report the trustees indicated that they do not expect an increased cost of living adjustment in 2016. This means no one receiving social security benefits of any kind, including disability, will get an increase in the amount they receive in their benefit payments. The trustees claimed the predicted lack of change is due to a poor economy and falling oil prices. By no means is this set in stone, if there is a substantial spike in inflation between now and October an increase is entirely possible.

If you are about to file your claim, or recently had your application denied, Jan Dils, is committed to fighting for you and helping you receive your benefits. Jan Dils, Attorneys at Law offers a convenient free consultation process where you can discuss the details of your case over the phone so you don’t have to leave your home. Please contact the law office of Jan Dils at 877-526-3457 for your free consultation today.