Posted on Nov 21, 2011
November 19, 2011 – Washington D.C. – After a 3-year lull in payment increases, the Social Security benefit programs will see the first Cost of Living Adjustment (COLA) since 2009.
In October, the Social Security Administration announced that starting in 2012 there will be a 3.6% benefit increase for recipients of Social Security and Supplemental Security Income (SSI). This increase will put additional money into the monthly benefit checks of more than 60 million Americans.
A COLA occurs when the price of necessary living expenses such as food and shelter continue to grow in light of current economic conditions. The threshold for when a COLA is applied is based on the percentage increase of the Consumer Price Index for Urban Wage Earners and Clerical Workers – no increase, no COLA.
The year 2012 marks the first time since 2009 that SSI recipients will see an increase in their benefits through this adjustment. More than 8 million SSI recipients may begin seeing this increase as early as December 30, 2011.
Some other changes that will occur in 2012 include the maximum amount of taxable earnings subject to the Social Security tax. The 2011 amount was $106,800 and will increase to $110,100. Social Security taxes will also increase slightly for nearly 10 million workers due to the increase in the taxable earnings amounts.
A Helping Hand from a Disability Lawyer in Indianapolis
When you have complications with your Social Security benefits for disability in Indiana, the help of a disability lawyer in Indianapolis is crucial to getting the assistance you need. In order to get back on track with your Social Security benefits claim, order a copy of our complimentary book, 8 Mistakes to Avoid When Filing for Social Security Disability Benefits, then contact a Social Security attorney at the Hensley Legal Group for a no-cost consultation – (317) 472-3333.