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2022 Social Security Disability Benefit Increase

LinerLegal.com (216) 282-1773 The Liner Legal Disability Lawyers are here to breakdown increases in social security disability benefits happening in 2022. What is the increase, why is it a big deal, and how does it impact YOU? The attorneys answer all of that and more in today’s video! Do YOU have a question you want the lawyers to answer? Submit it here ➡️ https://bit.ly/3tsIGqC Katie Nobles: Hi, I'm Katie Nobles. And thank you for joining us. With me today, we have liner legal disability attorneys, Michael Liner, Rebecca Cervenak, and Andrew November. Today we're going to be talking about something that just came out last week. That is increases in social security disability benefits for 2022. So first Rebecca, I just want to start off with you. Explain to us a little bit about what those increases are Rebecca Cervenak: Cost of living adjustments. Also known as Cola. Were enacted by Congress to make sure that people receiving disability benefits have purchasing power that's not eroded by inflation. So it's a percentage increase that's based on the consumer price index, which is something calculated by the bureau of labor statistics. So each year disability benefits increase by a certain amount in order to give people more monthly payments. So in 2022, we're expected to have a 5.9% Cola increase, which means that everyone's monthly amount will be increased by 5.9%. Katie Nobles: And Andrew let's talk a little bit about why this is such a big deal. I know when we had first started talking about this, you said this hasn't happened in a really long time. Andrew November: Sure. There's a lot of historical significance to this. Again, it's been since 1982, we've seen an increase that has come close to this. And as the three of us have been practicing for about 10 years a piece, we have seen cost of living adjustments year over year, but they've only averaged 1.4%. So now we're looking at an increase near a 6%. It's the largest we've seen in probably we'll ever see. And the, the, the big reason is because we're seeing a restart of our economy. You know, we've all gone through COVID together and we saw the economy come to a stop and now it's starting again. And as a result, purchase patterns have changed, but our client's benefits haven't changed for years. So it's very refreshing for us to know that our clients are going to have a significant amount of money in their pocket that they have not seen since 1982. And generally haven't seen since any of us started practicing law. Katie Nobles: And Michael, can you tell us when we can expect this to happen and any other changes that our clients or people that are getting these benefits might see? Michael Liner: Yeah, it's going to start happening at the end of the year, Katie beneficiaries who are receiving SSI are going to start seeing a difference in those increased benefits on December 30th checks will begin going out and anybody who's receiving disability or retirement benefits can expect to start seeing that 5.9% Cola increase beginning in January. So these are definitely things that we're looking forward to. We're excited for our clients who are going to you know, see the benefits of increased inflation in, in a, a bigger check in their pocket every month. And we're, we're hopeful that this will allow us to have a greater impact with the work that we do. Katie Nobles: All right. Well, thank you guys so much for joining us today, explaining a little bit about these increases and what people are going to be seeing, coming up here in 2022. Of course, if anybody has any questions, you can always submit those on our website. That's LinerLegal.com.