Oct 20, 2020 | Social Security Disability
Many people in this country cannot work due to disability. They may have to rely on Social Security disability or other Social Security retirement benefits in order to care for themselves and their loved ones. Recently, the Social Security Administration announced that these benefits are set to increase, which may help a great many families who receive this income. For those here in North Carolina receiving Social Security Disability Insurance, here are details regarding the increase.
The announced increases are due to the rising cost of living that affects everyone in this country. Inflation means that costs are going up for all manner of goods and services, so anyone living on a fixed income, such as those receiving different types of Social Security benefits, could struggle to afford what they need. This cost-of-living adjustment, or COLA, is meant to help offset that increase. The Bureau of Labor Statistics in the U.S. Department of Labor notes that the Consumer Price Index has gone up, so benefits will rise by 1.3% next year. This is actually lower than the increase that happened last year, which was 1.6%.
This won’t only impact those receiving Social Security disability payments, but also those receiving Supplemental Security Income, as well as other benefits from Social Security. The official notice should arrive by mail later this year. Some people will receive higher payments as early as the end of December, while others will have to wait for the new year.
Social Security Disability Insurance benefits make a significant and positive improvement in the lives of those who receive them, though some people may not realize that they even qualify. Anyone here in North Carolina who believes they might can talk to an attorney to find out for certain. A lawyer with a comprehensive understanding of different Social Security benefits can be of significant help to a family in need.