Baltimore Social Security Disability Lawyers: No Cost of Living Adjustment Anticipated for 2017July 18, 2016
For individuals collecting Social Security disability benefits, 2017 may be the second year in a row that they will not see a cost-of-living adjustment (COLA). COLA is determined by the increase in inflation, but if the inflation rate is low – as it has been four times since 2010 – Social Security recipients do not receive an automatic increase in their benefits.
According to the Social Security Act, recipients receive an automatic increase in their benefits based on the increase in inflation, which is determined by the Consumer Price Index for Urban Wage Earners (CPI-W). For 2017, the COLA would be determined by the third-quarter average CPI-W for 2016 over the third quarter of 2014. Unfortunately, according to the chairman of The Senior Citizens League (TSCL), at this point it is highly likely that there will be either a low cost-of-living adjustment, or none at all.
While it is possible that inflation could increase by the end of the third quarter, according to the Bureau of Labor Statistics, the latest CPI-W is 0.3 percent lower than the average CPI-W for the base quarter. In October, the Social Security Administration will announce the details of the 2017 COLA, at which time Social Security disability lawyers can prepare their clients in the event that their benefits are frozen for another year.
Baltimore Social Security Disability Lawyers at LeViness, Tolzman & Hamilton Help Clients Obtain The Compensation They Deserve
If you or a family member receives Social Security Disability benefits and you are concerned that your benefits will not be enough to cover the cost of living, contact the dedicated Baltimore Social Security disability lawyers at LeViness, Tolzman & Hamilton. We will help make sense of what can be a very confusing process, and ensure that you receive the maximum allowable increase in your disability benefits. For a free consultation, call us today at 800-547-4LAW (4529) or contact us online.
Our offices are located in Baltimore, Columbia, Glen Burnie and Towson. We provide exceptional legal guidance in all Social Security disability matters for clients throughout Maryland, including those in Anne Arundel County, Carroll County, Harford County, Howard County, Montgomery County, Maryland’s Western Counties, Southern Maryland, and the Eastern Shore, as well as the communities of Catonsville, Essex, Halethorpe, Middle River, Rosedale, Gwynn Oak, Brooklandville, Dundalk, Pikesville, Parkville, Nottingham, Windsor Mill, Lutherville, Timonium, Sparrows Point, Ridgewood, and Elkridge.