Bad news for those who are getting Social Security benefits, it looks like there will be no increase in Social Security checks and more bad news because it looks like it will be up to 2012 before any increase will be considered.
The need for benefit raises or cost of living adjustments are based on the consumer price index, which measures inflation.
In simpler terms, as long as consumer prices remain below the level they were in
2008 (the last time there was an adjustment made to benefits) then no increase will be given by the federal government.
For retirees and disability beneficiaries, this will mean more belt-tightening to get more out of their Social Security checks.
For those who are in the claims process, it is important more than ever to make sure that you get the right amount of benefits.
With no increase to be expected for the next two years, you will have to make sure that you get the most out of your Social Security disability or retirement claim.
For those who are availing Social Security disability insurance, you are entitled to monthly benefits that are equal to what you may receive if you retire at the full retirement age, based on your current contributions.
You will also receive retroactive payment starting 5 full months after you were disabled up to a maximum of 12 months before you applied for benefits.
For those who will be availing of retirement benefits, the amount will again be based on your contributions and on the age you will be retiring.
If you retire early, the amount will be smaller compared to the amount you may receive if you retired at the full retirement age.
Full retirement age will depend on the year you were born.
To be sure, consult with a Social Security Attorney to help you with the computation of your expected benefits.
The need for benefit raises or cost of living adjustments are based on the consumer price index, which measures inflation.
In simpler terms, as long as consumer prices remain below the level they were in
2008 (the last time there was an adjustment made to benefits) then no increase will be given by the federal government.
For retirees and disability beneficiaries, this will mean more belt-tightening to get more out of their Social Security checks.
For those who are in the claims process, it is important more than ever to make sure that you get the right amount of benefits.
With no increase to be expected for the next two years, you will have to make sure that you get the most out of your Social Security disability or retirement claim.
For those who are availing Social Security disability insurance, you are entitled to monthly benefits that are equal to what you may receive if you retire at the full retirement age, based on your current contributions.
You will also receive retroactive payment starting 5 full months after you were disabled up to a maximum of 12 months before you applied for benefits.
For those who will be availing of retirement benefits, the amount will again be based on your contributions and on the age you will be retiring.
If you retire early, the amount will be smaller compared to the amount you may receive if you retired at the full retirement age.
Full retirement age will depend on the year you were born.
To be sure, consult with a Social Security Attorney to help you with the computation of your expected benefits.
