The Social Security Administration (SSA) recently announced a Cost-of-Living Adjustment (COLA) for beneficiaries to be applied in the upcoming year. According to the agency, an adjustment of some 2.8 percent will be forthcoming for those receiving monthly monetary benefits in 2019.
Extra Money for SSA Recipients
That means a little extra money in the bank for about 67 million recipients. While that increase might not sound like much, consider the fact that there was no COLA at all in 2016, so something is better than nothing. For what it’s worth, this is the largest COLA since 2012’s 3.6 percent.
Also for the first time, beneficiaries will also be able to review their numbers online. The adjustment translates into a 2019 average monthly monetary payment of $1,461 (up from $1,422 in 2018) for all retired workers and an average monthly monetary payment of $1,234 (up from $1,200 in 2018) for all disabled workers.
Why the Change?
The adjustment is tied to an increase in the Consumer Price Index, which I touched on in a little more detail in a similar blog entry last year. By the way, Medicare premiums are also expected to see a slight increase of about 1.1 percent.
Piggybacking on my last blog entry detailing the latest developments in SSA disability fraudster Eric Conn’s conviction and sentencing, the agency’s Office of the Inspector General (OIG) also recently announced the creation of three additional disability fraud detection units. Alabama’s Cooperative Disability Investigations (CDI) unit is located in Birmingham.
Overall there are about 43 of these offices in the country, with CDI in Kentucky just down the road from Conn’s former law office. The OIG claims to have saved the taxpayers about $3.9 billion, but that figure, unfortunately, does not include the $550 million Conn walked (ran) away with.
If you or your child have been denied SSA disability benefits or suffer from a severe impairment that is expected to last for more than twelve months and that prevents you from doing any of your past or other work or is causing developmental delay in your child, please contact our office nearest to you to set up a free consultation appointment to discuss your situation.