No 2016 Social Security Increase
No Social Security Increase in 2016
No Cost of Living Adjustment (COLA)
For only the third time in more than 40 years, millions of Social Security recipients – including disabled workers, veterans and retirees – will see no increase in Social Security benefits next year. Almost 60 million retirees, disabled workers, spouses and children collect Social Security benefits. The average Social Security monthly payment is approximately $1,225.
The annual Social Security cost-of-living adjustment – or COLA – is based on a government measure of “inflation”. In other words, if it costs MORE to buy the same amount of goods or services than the previous year – that is “inflation”.
But, in 2015, there was a drop in the prices of a few key items that the government uses as indicators of “inflation” – or a higher “cost of living.” For example, gas prices are actually lower this year than they were last year.
And because Inflation has been so low this year, the government has decided that they do not need to implement a Social Security Cost of Living Adjustment (COLA) Increase for 2016.
Past Social Security Benefit Increases– Anaheim Attorneys
Congress enacted automatic increases for Social Security benefits back in 1975. This was when inflation was very high and there was a lot of pressure to raise benefits to keep up with the Cost of Living. Since then, Social Security increases have averaged 4 percent a year.
But only twice since that time – in 2010 and 2011 – have there been no Social Security Cost of Living Adjustment (COLA) Increases.
If you are collecting Social Security benefits this means that your benefit amount will not increase in 2016, as it has in past years.
If you are not collecting Social Security Benefits – but think you may qualify for them – you are welcome to call our office. We will offer you a free consultation to discuss what the maximum benefits are for which you qualify. We have helped thousands of disabled men, women and children collect Social Security benefits. We can help you, too.
Our Attorneys Can Help Get Get Maximum Social Security Benefits – Anaheim
Our experienced Social Security attorneys are here to help you collect your maximum Social Security Disability as quickly as possible. If you have been disabled by any serious medical condition, our experienced lawyers would be happy to discuss your unique situation with you, to ensure that you receive the maximum Social Security Disability benefits for which you may qualify.
