Every year the Labor Department announces a cost-of-living adjustment (COLA) for Americans who receive Social Security benefits. As one of the many obstacles created by the recent government shutdown, the new COLA has been delayed. Along with the rest of the nation, individuals who receive Social Security in North Carolina are waiting for the official announcement. However, our Social Security Disability lawyers in Raleigh have reviewed local news reports that indicate an estimated COLA.
The not-yet-officially-announced COLA for those who receive Social Security benefits is 1.5%. Last year the COLA was only 1.7%. According to the Social Security Administration's adjustment history, the last two years have fallen significantly below the average annual increase of 4.1%. The speculated COLA, if it is eventually confirmed, will be the lowest adjustment made in over three decades. If confirmed, the COLA adds only an approximate $17 per month to Social Security payments.
Fortunately, the government shutdown has not shutdown Social Security benefit payments; disabled and retired Americans are still receiving benefits. (Learn about taxable Social Security benefits.) Our Social Security Disability lawyers in Raleigh are also not on hiatus like the government and we can help start the Social Security Disability application process or assist with a denial of benefits. Follow our firm on Facebook or Twitter to receive the latest updates on the announcement of the new COLA.