The Social Security Administration recently announced the cost-of-living adjustment (COLA) will be 1.6% in 2020. This increase applies to those receiving disability, retirement and veterans’ benefits.
What is a COLA and How is it Determined?
The COLA was created in order to increase benefits to account for the rising cost of consumer goods and inflation. In order to determine the COLA, the Social Security Administration reviewed the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics.
How Does The COLA Compare to Other Years?
2020’s COLA is less than 2019’s COLA, which was 2.8%. However, this new adjustment is on trend as the average COLA amount over the past 10 years is 1.4%. From 2000-2009, the average COLA was 3%.
When Can I Expect to See an Increase?
The COLA will be applied to your benefits starting in January 2020.
Disability Attorneys of Michigan Can Help
Disability Attorneys of Michigan works hard every day helping the disabled of Michigan seek the Social Security Disability Benefits they need. If you are unable to work due to a physical, mental, or cognitive impairment, call Disability Attorneys of Michigan now for a free consultation at 800-701-5524.
Let Michigan’s experienced Social Security Disability law firm help you get the benefits you deserve.