Millions of Social Security recipients can expect a tiny increase in their monthly benefits in 2017. The extra amount per recipient is going to be less than $2.50, approximately enough to pay for a gallon of gas.
The estimated 0.2% increase in Social Security payments will be available one year after recipients received no increase to their payments. Hikes in benefits are based on a government measure of inflation (specifically, the cost of living adjustment, or COLA), which has been low in recent years. Over 60 million retirees, disabled workers, spouses, and surviving children receive Social Security benefits monthly. After Social Security’s trust funds are gone, the program would collect enough in payroll taxes to provide approximately 79% of benefits.
The attorneys at the Chris Mayo Law Firm will fight for you when you encounter difficulties obtaining the Social Security disability benefits you deserve. Call our San Antonio offices today at (210) 899-5440 to speak with a qualified member of our legal team.