Some good news seems to be on its way for the people who receive benefits from the Social Security Administration.
According to InvestmentNews.com, Social Security payments are likely to increase by 1.7 percent in 2015, slightly more than this year’s 1.5 percent increase. The SSA is expected to announce the 2015 cost-of-living adjustments (COLA) for both benefits and taxable wages later this month.
Although it is good that benefit payments will increase, some experts are discouraged. According to the website, the 2015 increase would mark the sixth consecutive year of record-low COLAs.
“That’s unprecedented since the COLA first became automatic in 1975,” Ed Cates, chairperson of the Senior Citizens League, said in a statement, according to InvestmentNews.com.
According to the website, inflation has been growing slowly over the last five years, leading to the small COLA increases. In 2010 and 2011, benefits did not increase at all, following a 5.8 percent hike in 2009, according to InvestmentNews.com.
The increase would affect Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits.
How Do I Collect SSDI?
Again, this is a little bit of good news sprinkled with a little bit of bad news. While the COLA is projected to be better than nothing (which was the case earlier this decade), it’s still not quite high enough to make things comfortable for those who receive benefits. Many people who live off SSDI make less than $1,000 per month, living below the poverty line.
While this is unfortunate, it should not dissuade you from collecting benefits if you cannot work. Remember, to obtain benefits you must have earned work credits, so benefits should not be viewed as “entitlements.”
We are here to answer any special questions you may have about the SSDI application or appeals process. Call us today.
Troutman & Troutman, P.C. – Tulsa Social Security Disability lawyers
Troutman Touts: SSA benefit increases have only average 1.4 percent per year since 2010.