SSA Announces 1.7 Percent Increase In Social Security Disability Benefits
November 18th, 2014|
If you’re medical condition is preventing you from working, you may be entitled to Social Security Disability benefits. However, it’s important to remember that these payments may only be a fraction of the wages you once earned. That’s why many recipients are excited to hear they will receive a bump in benefit payments in 2015.
The Social Security Administration (SSA) recently announced the cost-of-living adjustment (COLA) for 2015 will result in a 1.7 increase in benefit payments to disabled and retired Americans. The COLA is determined by measuring the rate of inflation recorded on the goods and services we use each day.
So what does the COLA mean to the average recipient? Officials say the increase should result in each recipient getting a raise of around $20 per month. While this may seem like a significant increase, it’s important to remember that Social Security Disability benefits are taxable and that rate was raised by 1.3 percent for next year as well, which will likely take a large portion of the increase.
The Birmingham personal injury attorneys with Norris Injury Lawyers suggest taking the following steps to help maximize your benefits:
- Regularly Check Your Earned Benefits– Mistakes can be made by the SSA and a mistake in your earned benefits could prevent you from being fairly compensated. So it’s important to ensure all of your earned income is included in your earnings statements from the agency.
- Speak With an Attorney– A lawyer will be able to help you pinpoint exactly what is needed to successfully argue on behalf of your legal right to compensation.