Making ends meet on Social Security Disability benefits can be difficult since most recipients only receive a portion of the earnings they were making while working. That’s why it will come as a relief to many Social Security Disability recipients that they will see a slight increase in payments next year.
The Social Security Administration recently announced the 2015 cost of living adjustment (COLA) would increase payments to recipients by 1.7 percent. The COLA is an adjustment made to the payments each disabled or retired American receives based on rates of inflation for the goods and services we use each day.
The 1.7 percent increase means each individual enrolled in Social Security programs will see an increase of approximately $20 per month. This new rate will become effective on December 31, 2014.
Another change that will take effect in January is an adjustment to the amount of income a person will have to pay Social Security taxes on. While the current rate is $117,000 per year, the new rate will be $118,500.
At Lundy Law, we recognize the complex changes the Social Security system is undergoing, and we know how difficult it can be to understand them. That’s why our team of Philadelphia personal injury lawyers is here to answer any questions you may have regarding a Social Security Disability claim you’re preparing to file or a claim that’s been denied in the past. To speak with a member of our legal team, just call (800) LUNDY-LAW.