Social Security benefits will not be increased next year because the annual cost of living adjustment (COLA) – which is based on a government measure of inflation – is not predicted to increase in 2016, a recent report by the Social Security Administration (SSA) revealed.
According to the American Automobile Association, this event is caused by the lowering of prices of oil in the market – the average price of a gallon of regular gasoline is $2.30, which is 90 cents less than it was in 2014 – causing general market prices to drive down.
If you are looking to apply for Social Security benefits, an experienced lawyer can help you ensure that your application is as complete as possible. Get in touch with an attorney at the Chris Mayo Law Firm in San Antonio to get help with Social Security disability benefits. Call our San Antonio offices today at (210) 899-5440.