Applying for Social Security Disability Benefits but Haven’t Heard of COLA? Learn About it Now
If there is one thing that we can almost always be certain of, it is that the cost of living in Michigan and in the United States increases each year. Indeed, with each new year the cost of gas seems to spike, milk and egg prices seem higher than ever, and various and sundry everyday items seem more likely than ever to break the bank. The increase in the cost of living is something that many – perhaps all, if not most – Michigan residents and Americans across the country certainly worry about each new year, but it is especially concerning for the millions of Americans who currently are disabled or retired and receive Social Security Disability Benefits. Fortunately, under the Social Security Administration’s rules and regulations, Social Security Disability benefit payments must account for a Cost-of-Living Adjustment (COLA) each year. But what exactly is COLA, and how does COLA affect Social Security Disability payments in 2024? To assist Michigan Social Security Disability applicants in better understanding the Social Security Disability process, we discuss COLA’s impacts on Social Security Disability payments here.
What is COLA and How is it Determined?
Simply put, “COLA” stands for “Cost-of-Living Adjustment”, and it is an adjustment that is made to Social Security Disability payments to account for the increased cost of living each year, or, in other words, to “counteract inflation.” The Social Security Administration uses the Consumer Price Index for Urban Wage Earners and Clerical Workers to determine the COLA increase each year.
How does COLA Affect Social Security Disability Payments in 2024?
According to the Social Security Administration, “Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024…[o]n average, Social Security Retirement benefits will increase by more than $50 per month starting in January.” Acting Commissioner of Social Security Kilolo Kijakazi said of the COLA benefits increase, “Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses.” The Social Security Administration began notifying those who receive Social Security and SSI payments of the changes in benefits in December of last year. In addition, COLA notices are available for viewing online for those people who have a personal “My Social Security” account.
Help Obtaining Social Security Disability Benefits in Michigan
If you are in Michigan and you are applying for Social Security Disability benefits, contact the experienced Michigan Social Security Disability lawyers at Nationwide Disability Law. The experienced Michigan Social Security Disability lawyers at Nationwide Disability Law are here to learn about your unique and individual Social Security Disability case to see if they can help represent you in front of the Social Security Administration to help you obtain benefits due to you. Do not hesitate to get legal help for your Social Security Disability claim in Michigan. Contact the experienced Michigan Social Security Disability lawyers at Nationwide Disability Law today and speak to a lawyer about your case now.
Source:
ssa.gov/news/press/releases/2023/#10-2023-2
