Monthly Archives: December 2019

What’s the Best Way to File for Social Security Disability?

Social Security disability benefits are a safety net for the American worker who has spent at least five of the last ten years working and paying federal payroll taxes. These benefits are paid for by your hard work, and you cannot claim them unless you have worked, paid into the system, and can no longer work due to illness or injury. However, the process for collecting the benefits can be long and complex. So, it is important that you get the process started right. Things to Consider When Filing for Social Security Disability Make a Budget – If you have to file for SSDI, then you have probably lost your major source of income. Since it can take three to six months for the Social Security Administration (SSA) to get to your claim, you need to have a financial plan to last that long and beyond. Without a financial plan…
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Will My Social Security Paychecks Increase in 2020?

Each year, the Social Security Administration assesses the state of Social Security taxes and payouts. Adjustments to these rates occur when there is a need to accommodate inflation and cost-of-living expenses. If the cost-of-living increases, Social Security payouts change to reflect this. As such, Social Security recipients can expect their paychecks to increase in the upcoming year. Why Are Social Security Paychecks Increasing? The cost-of-living adjustment, or COLA, affects changes in Social Security payments. COLA takes into account price changes in everyday consumer essentials. This includes pricing increases for food, transportation, healthcare, housing, education, among others. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) records percentage increases in these areas. The Bureau of Labor Statistics uses this information to calculate changes in Supplemental Security Income (SSI). If there is no increase in cost-of-living, there is no COLA for that year. Changes in cost-of-living affect COLA so…
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