When Should I Receive My Social Security COLA?

As a reminder to our readers, we would like to point out that about 64 million Social Security retirement and disability recipients will receive a raise this month through an annual 1.7 percent cost-of-living adjustment (COLA). Photo of money

The Social Security Administration announced the raise last fall, which should average to about $264 per year for beneficiaries. While this is not a significant amount of money, and less that what many advocates wanted recipients to receive, remember, you should use this money wisely, if possible.

As we reported last fall, if you can save this money or invest it, it could potentially help you in the long run. Kiplinger, a financial news source said that beneficiaries could best use the money by investing in stock growth, writing a will or making investments in personal property.

The COLA is based on inflation—which, unfortunately, the Associated Press has reported that the price for meat is up nearly 9 percent, while other foods are up about 3 percent. So for many, the additional money received this year will go back to food and bill payments. Nevertheless, the raise is better than nothing and with gas prices continuing to fall, hopefully, a benefit for most.

Qualifying for Social Security Disability Benefits

If you have questions about Social Security benefits, you should talk to our attorneys. Our lawyers work directly with people attempting to apply for or appeal Social Security Disability Insurance decisions.

For more information about this process, you can visit our Social Security FAQ page. Keep in mind, to qualify for SSDI benefits, a person suffering from a disability has to show that his or her condition will last longer than 12 months and could result in death.

Again, if you are unable to work because of a disability, contact our office if you are interested in applying for benefits or need assistance with an appeal.

Troutman & Troutman, P.C. – Tulsa Social Security disability attorneys



Leave a Reply

Your email address will not be published. Required fields are marked *