Social Security Disability Insurance Benefits and Retirement
Q: I am disabled and recently began to receive Social Security Disability Insurance Benefits. I heard that Social Security will increase benefit amounts for retirees. Will this affect my benefits also?
A: Social Security annually makes a cost-of-living adjustment (COLA), this year beginning January 2018 for all Social Security (retirement and disability) beneficiaries and on December 29 for all SSI (Supplemental Security Income) recipients. This year the cost-of-living adjustment is a 2% increase. The average disability benefit will be increased by about $24 per month. If your benefit amount is $1,500 per month, you will receive a $30 per month increase. For SSI recipients, the Federal SSI maximum will increase to $750 per month and $1,125 per month for families.
Also increasing will be the maximum amount of wage earnings subject to the Social Security tax, from $127,200 per year to $128,700 per year. Social Security believes this increase will affect about 12 million of the estimated 175 million workers who will pay Social Security taxes in 2018. If you have any additional questions, look at the ssa.gov website. Medicare premiums information for 2018 is available at the Medicare website.
Philip H. Garrow
Attorney at Law
Practice Limited to Workers’ Compensation Cases and Social Security Disability/SSI Claims