Oct. 19, 2012
The Social Security Administration announced this week that recipients would receive a slight increase in benefit payouts over the next year. An article from FOX 28 News reported social security benefits would see a 1.7 percent increase beginning in January, down from the 3.6 percent increase last year.
This means the more than 56 million Americans who depend on Social Security as their source of income will see an average increase of around $19 per month. The 8 million citizens who receive supplemental security payments will also receive a cost-of-living adjustment (COLA).
COLAs are determined by examining government measures of inflation on products and services like food, fuel, utilities, and health care each year. The adjustments are automatic and have been in place since 1975.
The adjustments may still not be enough to cover some Social Security Disability recipients’ cost of living considering certain rising costs. Next year, Medicare Part B premiums are scheduled to rise by $7, eating up roughly one-third of the average allotted increase. With fuel and food prices continuing to rise, many citizens are not able to cover their basic necessities with the payments they are currently receiving.
The Colorado Personal Injury Lawyers with McDivitt Law Firm understand how frustrating and confusing the Social Security claims process can be and are here to answer any questions about your claim, whether you are preparing to file or your claim was denied.