Social Security Disability COLA
Millions of Americans depend on Social Security Disability benefits as their main source of income, but many of these individuals continue to struggle to make ends meet. That’s why the Social Security Disability Cost of Living Adjustment (COLA) is so important.
What Is The COLA?
The Social Security Disability COLA is an adjustment to the amount of Social Security Disability benefits that disabled workers and their families receive. The adjustment is based on rates of inflation on certain products. When the costs of these products rise, Social Security Disability benefits tend to also rise.
What Will Next Year’s COLA Look Like?
Based on current rates of inflation, many experts believe there may not be a COLA in 2016. According to The Dallas Morning News, inflation rates were low in the first quarter of 2015 and may not be high enough to support a COLA. However, things may change if inflation rates tend to rise during the third quarter of the year. Experts say that during that time, inflation rates must rise 2 percent to justify a COLA in 2016.
Only Time Will Tell
At Ponce Law, we understand the uncertainty that comes with relying upon Social Security Disability benefits payments, and our Nashville Social Security Disability lawyers are following developments closely so we can share new information with you as it becomes available.