When it comes to money, receiving more is almost always a good thing. Whether you get a pay increase at your job or a new revenue stream is coming your way, it's a reason to celebrate. Each year, the Social Security Administration examines the Social Security program and determines if it needs any adjustments. The good news is that social security disability recipients will be receiving a bump in their check come 2018.
This is due to the adjusted COLA in relation to cost of living. The exact amount increase of each person's check depends on the social security disability award but there is a way to calculate it. Simply multiply your check amount by two percent and add that amount to your current check to get an approximate number for an increased check amount. Whether a person receives disability benefits for injury or illness, it matters not.
The rate of inflation is adjusted across all social security programs, including disability. The COLA affects benefits for more than 70 million U.S. residents, including Social Security recipients, disabled veterans and federal retirees. This means the rate increase affects about one in five Americans. By law, the COLA rate increase is based on a broad measure of consumer prices generated by the Bureau of Labor Statistics.
While two percent may not be a huge amount, it is certainly better than nothing. Two percent more over the term of a year can add up to a significant amount of money, if a person thinks about it that way. The COLA adjustment allows recipients of social security disability to take home more money when an increase is issued. Some argue that it isn't enough.
Source: time.com, "People on Social Security will see their checks go up in 2018," Stephen Olemacher, October 13, 2017