Q: Will I receive a Social Security disability benefit increase in 2015?
Each month, it seems more difficult to stretch your Social Security disability check to cover all of your expenses and needs. This is not unusual due to increases in the price of food, fuel, and other necessities. Accordingly, the Social Security Administration (SSA) is required to periodically consider whether Social Security checks, including those for Social Security disability, need to increase.
The SSA Approved a Small Increase for 2015
Every October, the SSA uses a formula to determine what, if any, change to make to Social Security disability payments for the next calendar year. The formula is tied directly to the inflation rate. Inflation in 2014 was relatively low; therefore, there will be only a modest increase in 2015 Social Security payments.
Specifically, the SSA determined that Social Security disability checks should be increased by 1.7 percent in 2015. This is in line with the other small cost of living adjustments (COLA) that have been approved in recent years.
The exact amount that you will receive in your 2015 Social Security disability checks depends on how much you received in each check during 2014. According to the SSA, the average disabled worker will receive an estimated $19 more in each monthly Social Security disability check, and the average disabled worker with a spouse and children may receive an estimated $33 more in each monthly check beginning with the check that you receive from the SSA in January 2015.
Any COLA increase for 2016 will be decided by the SSA in October 2015.
Related Links: