Social Security Administration records show over three in five senior citizens – especially those who are not married – depend on Social Security benefits to give them at least half of their monthly income after retiring.
According to the SSA, the cost-of-living adjustment, which is based on the movements of the consumer price index for urban wage earners and clerical workers, is due for an increase of 0.3% in 2017. This development means more than 60 million Social Security recipients, two-thirds of whom are senior citizens, can expect an estimated $5 increase in January 2017. Based on the August 2016 data reviewed by the SSA, the average retired worker was taking home $1,350.64 a month, which will receive a $4.05 increase based on a 0.3% COLA.
Get in touch with our attorneys at the Chris Mayo Law Firm, who provide legal services for our clients in San Antonio and other areas of Texas. If you need legal help when it comes to filing for Social Security disability benefits, call our offices today at (210) 899-5440 to speak with a qualified member of our legal team as soon as you can.