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How Does the SSA Calculate Cost of Living Increases? - Christine Matus
Manage episode 461266459 series 3376163
From Matus Law Group - In this episode, we discuss the article "How Does the SSA Calculate Cost of Living Increases?" and explore how the Social Security Administration (SSA) determines annual Cost of Living Adjustments (COLA) for beneficiaries. With the 2025 COLA set at 2.5 percent, it’s important to understand how this adjustment impacts those receiving Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits. For New Jersey residents, additional state supplements can further increase total monthly benefits, but factors such as income, living arrangements, and financial resources can affect eligibility.
We delve into the method used by the SSA to calculate COLAs, which relies on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This inflation measure has been criticized for not adequately reflecting the economic realities faced by Social Security beneficiaries, particularly those with disabilities who may experience higher medical costs. Alternatives like the Consumer Price Index for the Elderly (CPI-E) and the chained CPI have been proposed, but the SSA continues to use the CPI-W for these adjustments.
For individuals with disabilities or families managing benefits for a disabled child, understanding how COLAs and Social Security benefits interact with financial planning is essential. A New Jersey special needs trust attorney from The Matus Law Group can help families navigate these complexities, ensuring that SSDI and SSI benefits are properly accounted for in estate planning. Proper guidance can prevent unintended consequences that may affect eligibility for these critical benefits.
Tune in to learn how COLAs impact purchasing power and why reviewing your Social Security benefits regularly is vital for long-term planning. At Matus Law Group, we assist New Jersey families with setting up special needs trusts, managing financial resources, and providing advice on securing benefits for disabled individuals. Contact us today to schedule a consultation and learn more about protecting your loved ones' future.
Matus Law Group
81 E Water St #2C, Toms River, NJ 08753, United States
(732) 281-0060
https://www.google.com/maps?cid=6876392708092026946
1456 episoder
Manage episode 461266459 series 3376163
From Matus Law Group - In this episode, we discuss the article "How Does the SSA Calculate Cost of Living Increases?" and explore how the Social Security Administration (SSA) determines annual Cost of Living Adjustments (COLA) for beneficiaries. With the 2025 COLA set at 2.5 percent, it’s important to understand how this adjustment impacts those receiving Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits. For New Jersey residents, additional state supplements can further increase total monthly benefits, but factors such as income, living arrangements, and financial resources can affect eligibility.
We delve into the method used by the SSA to calculate COLAs, which relies on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This inflation measure has been criticized for not adequately reflecting the economic realities faced by Social Security beneficiaries, particularly those with disabilities who may experience higher medical costs. Alternatives like the Consumer Price Index for the Elderly (CPI-E) and the chained CPI have been proposed, but the SSA continues to use the CPI-W for these adjustments.
For individuals with disabilities or families managing benefits for a disabled child, understanding how COLAs and Social Security benefits interact with financial planning is essential. A New Jersey special needs trust attorney from The Matus Law Group can help families navigate these complexities, ensuring that SSDI and SSI benefits are properly accounted for in estate planning. Proper guidance can prevent unintended consequences that may affect eligibility for these critical benefits.
Tune in to learn how COLAs impact purchasing power and why reviewing your Social Security benefits regularly is vital for long-term planning. At Matus Law Group, we assist New Jersey families with setting up special needs trusts, managing financial resources, and providing advice on securing benefits for disabled individuals. Contact us today to schedule a consultation and learn more about protecting your loved ones' future.
Matus Law Group
81 E Water St #2C, Toms River, NJ 08753, United States
(732) 281-0060
https://www.google.com/maps?cid=6876392708092026946
1456 episoder
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