Social Security recently issued a press release stating that there is not going to be a cost of living increase in Social Security benefits. Many people don’t know that the disability benefits you receive are adjusted yearly based on some consumer indexes to keep pace with inflation. This adjustment is called a COLA (cost of living adjustment), and SSA calculates it yearly. Under this formula there is no increase in benefits this year. If you are receiving Supplemental Security Income, your monthly benefit will remain at $674. This amount hasn’t changed since 2009. To make up for this, the Federal Government in 2010 issued additional checks of $250 to make up for the fact that there was not cost of living increase. There has been no word as to whether or not this is going to happen again next year.
However, because there is no increase in the benefits paid, several other benefit levels remain the same as they were in 2009. The amount of money you need to earn a quarter of coverage remains at $1,120. Additionally, Social Security’s earnings limit for Substantial Gainful Activity will remain at $1,000 per month.
If you have questions about your Social Security Benefits, or your disability case, please contact us to discuss your rights.