Making ends meet on Social Security Disability benefits can be a struggle. Payments may only be a fraction of the income an individual is used to, but must still be used to pay the same bills they did while they were working and before they were disabled. That’s why many of the nearly 70 million recipients from the program were relieved to find out their benefit payments will be increasing slightly next year.
An article from News 9 explains the Social Security Administration’s Cost-of-Living-Adjustment (COLA) for 2015 is set to boost benefit payments by 1.7 percent. The COLA is an adjustment to the total benefits each disabled or retired American gets each month and is based off of fluctuations in the costs of goods and services that are necessary for everyday living. Those changes in cost are then plugged into an equation that is used to determine the percentage increase each individual should receive.
The increases will be seen beginning with January payments and will provide an estimated extra $20 per month to beneficiaries.
At Colbert Cooper Hill Attorneys, we understand the difficulties many disabled individuals face with covering the costs of everyday living. That’s why our Oklahoma personal injury lawyers are hopeful this year’s COLA will help relieve the pressure a lack of income resources can pose to the disabled.