The Social Security Administration said on Tuesday, U.S. retirees will receive a 0.3 percent increase in their Social Security checks in 2017. The cost-of-living adjustment, also known as COLA, is tied to inflation moves. Due to the dampening effects on inflation from falling oil prices, there was no increase for 2015-2016. As measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers, the rate is determined by averaging together third-quarter inflation. Since the United States exited recession in 2009, the average annual raise has been 1.2 percent. The same 0.3 percent increase will be applied to those receiving Supplemental Security Income benefits, which is designed for the elderly and people with disabilities. The Social Security Administration said in a statement, more than 65 million people will benefit from the increase. http://feeds.reuters.com/~r/Reuters/domesticNews/~3/3PvI5z7JS04/us-usa-economy-benefits-idUSKCN12I1SV http://www.wochit.com This video was produced by YT Wochit News using http://wochit.com
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William Crawforth Michigan Social Security Attorney & Lawyer 905 W. Eisenhower Circle, Suite 110 Ann Arbor, MI 48103 Call us today! (888) 890-1244 http://www.misocialsecuritylawyer.com/ https://plus.google.com/+WilliamMCrawforthPCSocialSecurityAttorneyAnnArbor COLA for Social Security Recipients Announced Monthly checks for Michigan Social Security disability insurance benefits and SSI recipients will rise 1.7% for 2015. Increased payments begin on December 12, 2014. The Social Security Act ties the annual Cost of Living Adjustment (COLA) to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics. SSI payments for 2015 will be $733 per month. William Crawforth Michigan Social Security Attorney & Lawyer 905 W. Eisenhower Circle, Suite 110 Ann Arbor, MI 48103 Call us today! (888) 890-1244 http://www.misocialsecuritylawyer.com/ https://plus.google.com/+WilliamMCrawforthPCSocialSecurityAttorneyAnnArbor
• The legislation will mandate the Secretary of the Department of Veterans Affairs to automatically increase disability assistance payments when the Social Security Administration approves a Cost of Living Adjustment (COLA). • The Consumer Price Index Urban Wage Earners and Clerical Workers (CPI-W) will determine the COLA increases. • The VA secretary will increase disability payments by the rate at which Social Security Administration raises its benefits. It will also increase compensation for dependents, clothing allowances, and compensation for surviving spouses and children • The legislation will also accelerate benefits claims applications with the Department of Veterans Affairs for the terminally ill, homeless, Medal of Honor recipients, former prisoners of war, sexual trauma victims, and others who served in the military. • The legislation will also address the VA’s backlog of benefits appeals by creating a pilot program to expedite some cases and a task force to examine the appeals process.
The Social Security Administration announced a benefit increase of 1.7% for retirees in 2015. How far below normal was that? Transcript follows: Thank you for joining us for another segment of Social Security Intelligence. When the Social Security Administration released their changes for 2015, the news about the cost of living increase was met with lots of negativity. I’ll be the first to agree…1.7% is not much of an increase. That works out to a $20 per month bump for the average $1,306 benefit. But for perspective…let’s look at a brief history of cost of living adjustments. The Social Security administration started inflation-based cost of living increases in 1975. Since then, the average has been right around 4%. However, this includes those massive numbers where inflation was extremely high. For example, the 14.3% increase in 1980 and the 11.2% increase in 1981. Those increases sure sound nice, but they were a result of something that wasn’t nearly as nice. Inflation was rampant. According to the Bureau of Labor Statistics, prices increased by 186% between 1968 and 1983. If the same were to happen today, you would be paying: $1.40 for a postage stamp $8.58 for a gallon of milk $24 for a movie ticket And that $5 footlong is now a $14 footlong. With these numbers, it may be fair to exclude any increase that was a result of this hyperinflation. That takes us to a new average of 2.7% and that’s not that far away from what we received this year. And don’t forget, it could have been worse. There have been six increases that were lower than this year and that includes 2009 and 2010 where the inflation increase was……0%. For more videos like this-and other great Social Security information- please browse our website at socialsecurityintelligence.com. While you’re there, you can schedule a free consultation. Just click on the icon and the rest is easy. For a daily dose of Social Security Intelligence, find us on Facebook and like our page. Thanks again for watching.
Birmingham-area retirees talk about the impact of their Social Security benefits remaining the same in 2016, Friday, October 16, 2015.
Based on low inflation data for fiscal 2010, Social Security beneficiaries won't receive a cost-of-living adjustment for fiscal 2011. Rudolph G. Penner, an institute fellow and a former director of the Congressional Budget Office, explains how the Bureau of Labor Statistics measures inflation, the shortcomings of that index, and what alternative measures are out there.
Social Security 1.5% Cola Increase Next Year - Obamacare Rollout Mounting Criticism - Special Report