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Social Security benefits to increase by 19% due to flat COLA

Posted on November 7th, 2013 No Comments

Social Security disability benefits will increase by 19% in January as the cost-of-living adjustment released on Wednesday, October 27 indicates consumer prices haven’t gone up by much within the year, according to government officials.

The COLA has a direct effect on Social Security benefits for more than one-fifth of the country’s population, which equates to nearly 58 million Social Security recipients. Social Security makes an average payment of $1,272 a month per retired worker, meaning it will increase by $19.

Social Security benefit increases have averaged a mere 4% since 1975.

AARP, Inc. (formerly called the American Association of Retired Persons) executive vice president Nancy LeaMond said that an increase of $19 to the monthly Social Security benefits is low, and will be “quickly consumed by the rising costs of basic needs like food, utilities, and health care.”

Applying for disability benefits can be laborious and, as such, acquiring the assistance of an experienced attorney from the Law Office of Chris Mayo can be invaluable. If you live in San Antonio and need help with Social Security disability benefits, call us today at (210) 999-9999.

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