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SSDI benefits set for slight increase next year

Georgia residents have experienced many changes in their lives over the years. From job changes, to changes to a person's family to other issues, there is virtually no area of person's life that does not change over time.

Often these changes impact a person's financial condition. For instance, a job loss that results when a person is no longer able to work because of a disability may drastically impact the person's ability to earn an income. Fortunately, there may be options available to help with these financial challenges, including Social Security Disability Insurance.

Of course, even after a person begins receiving SSDI benefits, the changes in their life do not stop. The cost of living tends to increase each year, as the cost of paying for goods and services rises and gets passed on to consumers. In light of these changes, those receiving Social Security benefits may see an increase in their benefits from year to year.

The increase can change from year to year. Next year, Social Security recipients will receive a 0.3 percent increase in their monthly benefits due to a cost-of-living adjustment recently announced by the government. The small raise was due to inflation being low, which may also help individuals from seeing rapidly rising bills.

The cost-of-living adjustment not only affects those receiving Social Security benefits, but also about 4 million disabled veterans who receive benefits, along with more than 8 million who receive Supplemental Security Income. Individuals receiving SSI often also receive Social Security benefits. Accordingly, individuals receiving different benefits may see increases in each kind of benefit.

Source: Los Angeles Times, "Social Security benefits will rise next year, but only a little," Oct. 18, 2016

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