Social Security raise expected to be lowest in years
A roughly 1.5% increase in Social Security benefit claims, a record low for the second straight year and since its adoption in 1975, is to be expected by millions of its recipients at the beginning of next year.
The cause for the small raise is due to only a slight increase in consumer prices. The Department of Labor has not yet released an inflation report or the current size of the cost-of-living adjustment (COLA). The COLA benefits people of fixed incomes and protects them from rising inflation rates. For an average monthly payment of $1,162, the 1.5% increase will amount to $17.
A small COLA will make it hard for its beneficiaries to plan for unexpected expenses.
Our lawyers at the Hankey Law Office know the frustrations anyone in Indianapolis might be dealing with due to these predictions and other Social Security related issues. We can help you through the process of applying for and/or appealing a benefits claim, so call us at 317-634-8565 today.