Over 64 million American Social Security recipients will receive a slight cost-of-living increase in the coming year, the Social Security Administration has announced. According to a report by the Wall Street Journal, there will be a 1.7% cost-of-living increase, or $22 more every month, this 2015 starting in January:
The Social Security Administration last week announced a 1.7% annual cost-of-living adjustment for the nearly 64 million Americans who receive federal retirement or disability benefits. The increase would result in about a $22-a-month increase for the average retiree. Increases have been between 1.5% and 1.7% for three straight years.
The benefit increase in 2015 matches the 1.7% gain in consumer prices in September, compared with a year earlier, according to Labor Department data also released last week.
Although this amount might seem insignificant at first glance, the 1.7% increase follows the inflation rate, or the rate of increase in the prices of several commodities. This adjustment especially helps those who solely depend on their Social Security funds to take care of themselves and their families, particularly retirees.
The benefits of Social Security are not limited to retirees, however, as there is also what is called the Disability Program. According to the Social Security website, a person is deemed to be disabled if he cannot work due to a severe medical condition that has lasted or is expected to last for at least one year, or if it will result into imminent death. Furthermore, the affliction should prevent a person from doing the work that he or she has engaged in previously.
Being eligible for the Social Security’s Disability program is undeniably difficult to get, as well as easy to lose. The official Social Security website added that beneficiaries in the disability program are the most severely impaired individuals in the country, and that they are three times more likely to die in a year than the people in the same age group.
As disabilities are unforeseeable, it would be advisable to approach a trustworthy Social Security Disability lawyer in Huntington, WV—like a professional working with Jan Dils, Attorneys at Law—to know what you can expect before you turn 55, the earliest age of eligibility in the disability program.
Life is fleeting, so it’s best to prepare for your and your family’s future. Disabilities can also affect anyone at any age, so it’s best to talk to a Social Security Disability attorney in Huntington, WV to know the options and the possible benefits available to you in the worst-case scenario.
(Source: For Social Security Recipients, a 1.7% Raise, Wall Street Journal)