The Social Security Administration recently announced the new cost-of-living adjustment for the year 2015. Those who receive either Social Security disability or retirement benefits will see their regular payment increase by a total of 1.7 percent starting in January. The most current estimates show that 64 million people throughout the United States will be affected by the increase.
Those who receive Supplemental Security Income benefits will see their 1.7 percent increase in 2014, on Dec. 31. The source did not include estimates on how many individuals are currently receiving SSI benefits in Texas or across the nation.
What is a cost-of-living adjustment or COLA? Costs of goods, products or services fluctuate, and the cost necessary to maintain a specific standard of living changes too. An adjustment captures or takes into account this fluctuation. According to the SSA calculation, this next year it will require 1.7 percent more money to maintain the same standard of living.
The largest cost-of-living adjustment in the past decade occurred in 2009, when payments increased by 5.8 percent. The lowest recorded adjustments were in 2010 and 2011 when no increase was awarded.
Cost-of-living adjustments occur automatically, and there is no need to contact an official. If you do not currently receive benefits and need to, an attorney can help throughout the process. If your application has already been denied, you may still have options for relief through an appeal.
Source: The Wall Street Journal, “Americans’ Social Security Benefits to Increase 1.7% in 2015,” Josh Mitchell, Oct. 22, 2014