SSA Announces 2015 COLA for Social Security Recipients

Making ends meet on Social Security Disability benefits can be difficult, as the costs of goods and services often rise every year. That’s why the Social Security Administration (SSA) considers adjusting the amount of Social Security Disability and retirement benefits people receive on a yearly basis.

What Is The 2015 Social Security Disability COLA?

The SSA recently came to a consensus about how much this Cost-of-Living-Adjustment (COLA) should be for next year. According to an article from ABC News, disability recipients should expect to see a 1.7 percent increase in the amount of benefits they receive.

What Does The COLA’s Increase Mean?

While most Social Security Disability recipients welcome any increase in payments, the COLA for 2015 still isn’t much. The small percentage in increase will likely only increase monthly payments by $20, much of which will be taken by the 1.3 percent increase in benefit taxes.

How Is The Social Security Disability COLA Determined?

The COLA is determined through the use of an equation called the Consumer Price Index (CPI), which examines the fluctuation in costs of goods and services—such as food, housing, and transportation—from year to year during a three-month period. The federal government considered changing these rules to a chained CPI—or an equation that considers Americans search for cheaper options when costs rise.

COLA Eases Financial Struggles

At Ponce Law, we know the financial strains that dependence on Social Security Disability benefits can cause. That’s why our team of Nashville personal injury lawyers is hopeful next year’s COLA will help to alleviate some of the financial hurdles many disability recipients face on a daily basis.

RELATED ARTICLES

Social Security Disability Statistics
You’ve worked hard your entire career, paying into Social Security the entire time. Now that you’re disabled and can’t work, you expect Social Security will be there for you, but...
Medicaid and Social Security Disability Benefits in Tennessee
In our current political climate, there’s a lot of conversation about the future of programs such as Medicaid, which helps a lot of Tennesseans obtain affordable healthcare coverage. If you’re...
Social Security Disability Benefit Criteria
Social Security Disability benefits exist to help disabled people who can no longer work. It’s an important program that makes a substantial difference in the lives of thousands of people...
OUR REVIEWS
I recently called Ponce Law to ask if they could handle a case I have. When speaking to the receptionist she was very polite, I can say it has been the best customer service I have ever received, unfortunately my case wasn’t a case they handle but that didn’t stop them from helping me they gave me a few numbers wher...
- Francisco Chavez
Working with Ponce Law was a complete game-changer for me. After a distressing encounter with another law firm, I was recommended to reach out to Ponce Law by a friend. From the moment I connected with Lilly, I knew I was in good hands. Throughout a difficult period marked by the loss of my stepmother, Lilly and th...
- Sara Nall
My wife was in a car accident. A young driver hit her from behind and knocked her into the car in front of her. The situation got tricky right away. Neither of us knew how to navigate this kind of situation. That is where Cheyenne with Ponce Law came into the picture. Cheyenne put us at ease and handled everything a...
- Lindsey Martone
FREE CASE REVIEW