- Social Security Benefits will See Increase for 2019
- October 17, 2018
- Law Firm: - Office
The payments that a person who receives Social Security Disability (SSD) receives do replace some of the income they had before their disability, but not all of it. Many people eagerly await the news from the Social Security Administration (SSA) about whether they will get a cost of living adjustment each year.
The news for next year's cost-of-living adjustment (COLA) is out. People who get SSDI will receive a 2.8 percent increase in their benefits. This is one of the biggest increases that's occurred since many baby boomers have begun receiving benefits. This comes as inflation rises.
The increase is based on the Department of Labor's Consumer Price Index for Urban Wage Earners and Clerical Workers. When this rises, benefits must rise accordingly. It is thought that the increase will help people who receive benefits, including SSDI, Supplemental Security Income (SSI) and retirement, to afford the things they need.
For an average retiree, the COLA increase will boost their monthly check by $39. Anyone who is receiving SSA benefits can check their account in December to find out the exact amount of their first check with the COLA adjustment, which is the January 2019 benefit check.While this is good news for many people, some note they won't really notice the increase due to costs like health care going up. One woman estimates that health care costs take up about one-third of her income. This shows the sad state that some of the country's most vulnerable citizens are in. For some people who are still in the application process, including those who are appealing a denial, hearing about an increase in benefits likely brings a range of emotions.