Social Security Administration Announces Cost of Living Adjustment of 1.5 Percent for 2014
November 26th, 2013|
November 26, 2013
More than 4.7 million Americans depend on Social Security Disability (SSD) benefits as their main source on income. For many, making ends meet on the meager amount allotted to them can be extremely difficult. The Birmingham Social Security Disability Lawyers with Norris Injury Lawyers explain the government attempts to address this problem annually through a Cost-of-Living Adjustments (COLAs). However, the increases issued in recent years have been historically low.
The federal government determines COLA increases by examining the fluctuations in prices of certain goods and services that are necessary for everyday life. Some of these include electricity, transportation, housing, and food. The higher the costs for these products, the greater the COLA those receiving Social Security benefits will receive.
This year’s increase in payments is only 1.5 percent for 2015. An article from the Wall Street Journal states this means each individual receiving Social Security will see an increase in monthly payments of around $19.
This is one of the lowest COLAs ever issued.
Norris Injury Lawyers and their team of Alabama Injury Attorneys recognize how difficult it can be for people to get the benefits needed to support themselves and their families. That is why the firm is here to help anyone who is considering applying for SSD benefits.