Tampa, FL (Law Firm Newswire) November 01, 2022 – Each year, the Social Security Administration, the federal agency tasked with administering Social Security benefits, reviews the monthly benefit payments made to recipients to determine whether they provide the same purchasing power as the year before. If the SSA determines that inflationary pressures reduced the purchasing power of Social Security benefits, it will modify the benefit amount. The SSA refers to this as a Cost of Living Adjustment (COLA). Late last year, the SSA announced the 2022 COLA increase would be 5.9 percent. This was one of the largest COLA increases in recent history; the average COLA increase is around 1.5 percent.
Usually, the Social Security Administration waits until October to announce the official COLA numbers; however, experts who monitor the current rate of inflation can usually come up with a ball-park figure earlier in the year. In a recent report, the Senior Citizens League estimated that the 2023 COLA increase may be even larger. According to its estimates, next year’s COLA increase could be as high as 7.6 percent.
While a COLA increase is certainly good news, it isn’t necessarily as good as it seems. This is because COLA increases are intended to combat the already existing effects of inflation. Thus, it isn’t as though a recipient will recognize the full benefit of the benefit increase because their costs have already gone up.
David w. Magann, Florida Social Security benefits attorney, explains, “recipients of Social Security are already seeing their purchasing power reduced since the beginning of the year. Housing prices, healthcare costs, and other everyday expenses are increasing. Thus, it is important that Social Security recipients understand what a COLA increase reflects and do not let the additional monthly benefits cloud their thinking when it comes to other purchases.”
Those who are eligible for Social Security benefits should ensure that they are receiving the benefits they are entitled to. This is especially the case during high periods of inflation, where costs are rapidly increasing.
Attorney David W. Magann is a Florida social security and disability attorney with extensive experience handling the legal issues that many aging individuals face. His offices are located in Tampa and Brandon, FL. Attorney Magann is a compassionate advocate who unceasingly pursues the interests of his clients and provides practical advice on a variety of other pertinent legal issues, including estate planning, veterans’ law and personal injury law. Attorney Magann can be reached at http://www.floridasocialsecurity.com/.
David W. Magann, P.A.
Main Office:
156 West Robertson Street
Brandon, FL 33511
Call: (813) 657-9175
Tampa Office:
18715 N Dale Mabry Hwy
Lutz, FL 33548
- Be Aware of How You Could Lose Your Social Security Benefits
1.Cessation of Disability: Usually a “cessation of benefits” occurs when you are not seeking regular and continuing treatment for the medical problems in the original determination for the grant of benefits. Also, if you are able to make enough money to pass above a certain threshold earnings amount, then you’ll stop getting disability benefits. For […] - NEW IMPAIRMENT LISTING IN FULL EFFECT & APPLICABLE TO ALL ADMINISTRATIVE PROCEEDINGS IMMEDIATELY
NEW MENTAL LISTINGS Effective: January 17, 2017 After a revision of the Diagnostic and Statistical Manual (DSM), and thousands of public comments later, the Social Security Administration (SSA) has published significant revisions to its mental impairment listings. SSA had issued a Notice of Proposed Rule Making in August 2010, proposing what at the time appeared to be […] - SSA is Heading For Delays Again After Recent Cutbacks & Years of Improvement
Service Cuts, Computer Problems Cloud Social Security’s 79th Birthday: The Social Security Administration should have reason to celebrate. After all, August 14, 2014, marked the 79th anniversary of the day when President Franklin Roosevelt signed the Social Security Act, which ushered in the landmark entitlement program. However, the agency’s birthday was a less than cheerful […] - SSA is Ramping Up Disability Reviews in 2014
The Social Security Disability Benefits Reform Act of 1984 (“DBRA 1984”) was passed by a unanimous, bipartisan vote in the House and Senate (99-0) in September 1984. President Reagan signed the law on October 9, 1984, when it became Pub. L. No. 98-460. One of the main provisions required “medical improvement” before benefits could be terminated where […] - Never Allow A Non-Attorney to Represent You At Your Social Security Hearing!
You should NOT have a non-attorney clerk at your hearing? This seems obvious, but several Florida law firms and any company identifying themselves as “Experts”, some who are advertising on TV, are sending non-attorney clerks to Social Security Hearings simply because its cheaper for them to do so rather than have an actual attorney appear. How in […]
The post Preliminary Estimates Indicate the 2023 COLA May Be Significant first appeared on Law Firm Newswire.
