Social Security Benefits Expected to Rise 1.7% for Recipients in 2015

The Social Security Administration released an estimate on Wednesday, October 22nd, that retirement benefits for 64 million Americans will go up 1.7% in 2015.

Although the increase will be good for Social Security benefits recipients, the percentage marks the third year in a row that the cost of living increase is less than 2%. It also marks the fifth time in 6 years that the COLA will increase less than 2%.

The cost of living increase, or COLA, benefits anyone who receives assistance from the Social Security Administration, from retirees, to those on disability, to veterans. In all, about 1/5 of the US receives Social Security benefits. This latest COLA increase amounts to an extra $20 per month.

“The COLA helps beneficiaries of all ages maintain their standard of living, keeping many from falling into poverty by providing partial protection against inflation,” said Jo Ann Jenkins, who heads AARP.

An annual inflation report released in September showed that inflation on some items, such as clothing, had caused prices to go up; however, prices of some other necessities, such as gasoline, had gone down. The cost of meat, fish, and eggs is up 10%, but the overall cost of food is up just 3.1%. Medical costs – which disproportionally affect Social Security benefits recipients due to health and age – rose only 1.9% in the past year.

“In the last several years we have had extremely low inflation,” said economist Polina Vlasenko, a research fellow at the American Institute for Economic Research. “Basically because inflation is low, the cost-of-living adjustment is going to be low, too. It’s supposed to just compensate you for inflation.”

“News of the cost-of-living adjustment for the coming year always is eagerly awaited by the countless Americans who rely on the increase to keep up with the rising price of food, housing, transportation and medical care,” said Joseph A. Beaudoin, president of the National Active and Retired Federal Employees Association, in a statement. “However, despite the partial relief this COLA will provide, the announcement is a reminder that our method for calculating the increasing cost of goods and services is out of sync with the reality faced by millions of federal (retirees), Social Security recipients and military retirees.”

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, or are at federal retirement age, you may be eligible for Social Security disability 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.

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.