Every October, the Social Security Administration (SSA) is required to consider whether Social Security disability benefits, and other Social Security benefits, need to be adjusted for the next calendar year. The SSA uses formulas set by law to determine if the amount paid out by the government needs to be changed. The determination is tied directly to the inflation rate, which has been low in recent years.
October 2014 Was No Exception
Last month, the SSA announced its annual inflation adjustment for calendar year 2015. According to this year’s determination, Social Security disability checks will increase by about 1.7% in 2015. This cost of living adjustment (COLA) is consistent with the small increases that have been approved annually for the last few years.
How This May Affect You
According to the SSA, the 2015 cost of living adjustment will add approximately $19 to each monthly check received by an average disabled worker. The average disabled worker with a spouse and children may receive an increase of $33 per monthly Social Security disability check. The amount may be more or less depending on your individual benefits.
The SSA will consider another cost of living adjustment in October 2015 for calendar year 2016.
If you are applying for Social Security disability benefits or appealing a denial of Social Security disability benefits, we encourage you to find out more about your rights so that you can learn what to expect in your monthly checks. To learn more, download a free copy of our Social Security Disability Fact Sheet, or contact us directly to schedule an initial consultation.