Cost-of-Living Adjustment Expected for 2017
For the first time since 2015, Social Security and Supplemental Security Income (SSI) recipients are likely to see a cost-of-living adjustment (COLA) in their benefit amount. However, the increase will be so small, some recipients may not even notice. The American Institute for Economic Research are expecting payments to see a raise between .2% to .5% in 2017. The average recipient will see an increase in their monthly payment between 2 to 7 dollars. This is expected to be the smallest cost-of-living increase in benefits of any year since the beginning of annual adjustments in the 1970s.
Social Security and SSI recipients did not receive an increase for cost of living in 2010, 2011, or 2016. The lack of a cost-of-living adjustment in 2016 was due to low inflation, which is tied to falling gas prices. Although inflation may be lower, the cost of health-care services has risen. So while Social Security disability and SSI recipients may not be spending as much at that gas pump, they are seeing an increase in costs associated with their health. Similarly, fees deducted for Medicare Part B are rising faster than cost-of-living adjustments.
Although the official cost of living adjustment for 2017 will not be released until the end of this month, Social Security and SSI recipients should expect a nominal increase.
To learn more about Social Security disability and SSI benefits, contact an experienced Social Security disability attorney at Gardberg & Kemmerly, P.C. Attorneys at Law today at 251-343-1111 for a free case evaluation. Gardberg & Kemmerly, P.C. Attorneys at Law 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.