The Social Security Administration has released the official Cost of Living Adjustment (COLA) for 2015. The COLA associated with Social Security disability benefits, will be reflected in the January 2015 benefit check and will have a 1.7% increase.
The yearly COLA is determined based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, a measure of consumer prices generated by the Bureau of Labor Statistics. The CPI-W measures changes in price for food, housing, clothing, transportation, energy, medical care, recreation, and education from one year to the next. The COLA is calculated by comparing consumer prices in July, August, and September of the current year to prices in the same three month period for the previous year.
On Wednesday, October 22, 2014, the Social Security Administration announced that the COLA will be 1.7%. This adjustment will affect almost 64 million American that receive retirement and disability benefits under Social Security Administration.
To learn more about the Cost of Living Adjustment and your possible eligibility for Social Security benefits, contact an experienced Social Security disability attorney at Gardberg & Kemmerly, P.C. . Gardberg & Kemmerly, P.C. represents Social Security disability claimants in Alabama, Mississippi, Florida, and Louisiana at all levels of the disability process from initial application to appeals to Federal Court.