No Cost of Living Increases for Social Security
The Social Security Administration has announced that there will be no Cost of Living Adjustment (COLA) for social security disability and SSI beneficiaries in 2016. The COLA is determined by comparing the change in the consumer price index from the third quarter of 2014 to the third quarter of 2015. There was no increase. The average monthly benefit as of September 2015 for disabled works is $1,164.94. The Supplemental Security Income (SSI) rate for individuals in 2015 was $733.00. Due to no COLA adjustment, this rate will remain the same for 2016.
Have questions? Contact us.