Social Security Disability COLA: How Should I Spend This Money?

As we reported last week, the Social Security Administration (SSA) announced a cost-of-living adjustment of 1.7 percent for Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) recipients in 2015.

According to Kiplinger, the average retiree or disabled citizen will receive about $264 per year. While this amount may be small, the news source put out a release discussing ways people could spend the money in a wise fashion. Among the financial site’s tips:

  • Invest in an identity theft program
  • Invest in stock with growth potential
  • Make minor improvements to your home
  • Take a defensive driving class to lower your car insurance premiums
  • Buy gift cards, which often come with discounts to purchase goods
  • Write a will
  • Stock up on supplies for an emergency

While these are all good tips, it should be noted that the only reason a COLA occurs is that inflation is expected.

The Associated Press reported recently that prices for meat are up nearly 9 percent, while other foods are up about 3 percent.  So for many, the additional money they receive this year will go back to food, housing and bill payments.

Do I Need to Speak to an Attorney about Social Security Disability?

If you have questions about SSDI or SSI, you should talk to our attorneys. Additionally, you can visit our Social Security FAQ page.

Keep in mind, you must show that you are unable to work to collect SSDI. To do this, you must show that your disabilities are expected to last longer than a year or that they may result in death.

Troutman & Troutman, P.C. – Tulsa Social Security Disability lawyers

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