Sigman Janssen Legal Blog
Social Security Benefits to Increase Next Year
October 25, 2012
Oct. 25, 2012
To many citizens struggling to get by on the small amount they receive from Social Security Disability benefits, news of a small increase in payments set to begin in January was a relief. However, experts say that rising living expenses will cancel out any gain the raise presents.
News Channel 5 reports that each of the 56 million Americans receiving Social Security benefits will see a 1.7 percent increase in their benefits. This amounts to a roughly $20 increase in payments per month. The approximately 8 million individuals who receive Supplemental Security Income will also see a boost in payments.
These increases are based off of figures collected by the Consumer Price Index for Urban Wage Earners and Clerical Workers. The numbers look at fluctuations in cost on food, clothing, housing, fuel, utilities, medical care, and transportation.
One problem with such a low increase is that Medicare premiums are set to rise by as much as $7, which eats up approximately one-third of the increase. With gas, housing, and food prices skyrocketing as well, many social security benefit recipients will continue to struggle to get by.
The Appleton Personal Injury Lawyers with Sigman, Janssen, Stack, Sewall & Pitz understand how complicated the Social Security system can be. That is why the firm is here to answer any questions you may have about a claim, whether you’re preparing to file or have been denied in the past.