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2015 Cost-of-Living Adjustment (COLA) Announced

The Social Security Administrations recently released the 2015 Cost-of-living Adjustments.  The COLA adjustments, which have been announced at 1.7 percent, are set to take effect with Supplement Security Income (SSI) payments paid on December 31, 2014, and Social Security payments paid in January 2015.

Other notable figures released with the COLA include the following:

  •    A quarter of coverage will raise from the 2014 figure of $1,200 to $1,220      
  •  Substantial Gainful Activity (SGA) will raise $20 for both non-blind and blind, bringing the amounts to $1,090/mo. and $1,820/mo., respectively.
  •  A Trial Work Period increased from the 2014 figure of $770 to $780/mo.
  •    The SSI Federal Payment Standard will rise from $721/mo. to $733/mo. for individuals, and from $1,082/mo. to $1,100/mo. for couples.

The Social Security Administration estimates that the average monthly Social Security Benefit payable in January 2014 will increase from the 2014 figure of $1,146 to $1,165.  When you add disability-related expenses to the cost of food, rent and other expenses of daily living, a 1.7 percent increase seems very small.

At Binder & Binder®, we can't change the amount of the COLA, but we can work hard to help you obtain the full SSD or SSI benefits they need and deserve. If you have applied for benefits and have been turned down, we can help. As America's most successful Social Security Disability advocates, we know how to structure and document your case. Call us from anywhere in the United States and learn what we can do.

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