Slight Cost of Living Adjustment to Social Security Benefits in 2014
Retirees and people on disability across the US will see a 1.5% rise in their social security benefits for 2014, as the rates receive a Cost of Living Adjustment (COLA).
The social security increase will begin for 58 million Americans in January 2014. However, as many as 8 million recipients will receive payments as early as December 2013.
The estimated 1.5% increase will up monthly social security retirement benefits from $1,275 in 2013, to $1,294 in 2014. Social security disability payments will go up to $1,148 on average in 2014, compared to 2013’s average, $1,131.
The cost of living adjustment to social security is possible because of average wage increase, which affects payments into the social security program. Reportedly, payments to social security will rise in 2014 to $117,000, up from $113,700. About 10 million workers will pay slightly higher taxes related to this increase.
Social Security Disability or Retirement, And You
Depending upon the facts of your case, you, your kids, and/or your spouse may be eligible for a range of disability benefits under the Social Security Act.
If you suffer from a disability and are unable to work, you may be eligible for Social Security disability benefits that include:
- Social Security Disability benefits
- Supplemental Security Income or SSI
- Widow/Widower’s benefits
- Retirement Benefits
- Medicare/Medicaid benefits
- Children and Dependent’s benefits
The type of benefits to which you may be entitled depends upon your income and how long you have worked.
To qualify for social security disability benefits, we offer a checklist of questions:
1. Are you working?
If you are working in 2010 and your earnings average more than $1,180 a month, you generally cannot be considered disabled. However, if you’re not working, you may qualify for social security disability benefits.
2. Is your condition “severe”?
Your condition must interfere with basic work-related activities such as sitting, standing, walking, concentrating, or maintaining persistence and pace for your claim to be considered.
If your condition does not interfere with the above work-related activities, Social Security will find that you are not disabled. If your condition does interfere with basic work-related activities, you should consider applying for social security disability.
3. Is your condition found in the list of disabling conditions?
For each of the major body systems, Social Security maintains a list of medical conditions that are so severe, being diagnosed with one automatically qualifies you for disability. If your condition is not on the list, Social Security will have to decide if it is of equal severity to a medical condition that is on the list. If it is, you will be found disabled.
The Strom Law Firm Can Help with Social Security Benefits Claims
Applying for Social Security Disability or Retirement Insurance can be complex. However, we understand that you need your benefits and we will put our years of experience to work for you to ensure that you have the representation necessary to actively pursue your claim. Call the attorneys at the Strom Law Firm today to discuss your Social Security Disability or Supplemental Security Income case today. We will be glad to discuss any questions you may have during our free, confidential consultation. Call the experienced attorneys at the Strom Law Firm at (803)252-4800.
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