For those in St. Louis unable to work due to a serious injury or illness, or those families supporting a family member who is disabled, the benefits received through either Social Security Disability (SSD) or Supplemental Security Income (SSI) provide a welcome financial relief every month. Yet those who may think that this assistance allows recipients to live extravagantly need to think again; research has actually shown that those receiving SSD or SSI benefits are still more likely to face homelessness or declare personal bankruptcy than the rest of the general population. That’s because SSD/SSI benefits do not fully replace work income, but rather provide a predetermined amount of funds to help sustain one until the assistance is no longer required.
Those receiving that financial assistance welcomed some good news recently from the Social Security Administration (SSA). Projected inflation has warranted the SSA’s annual adjustment to cover the higher cost-of-living in 2014. Recipients will see their monthly premiums rise by 1.5 percent. While skeptics may view the addition of few dollars added to one’s benefit check every month as not being noteworthy, it should be noted that from 2010-2011, recipients received no increase at all.
While cases of SSD/SSI fraud and/or overpayments seem to be constantly in the news, it’s important to still remember that for the 8 million Americans receiving SSI benefits, and the other 57 million on Social Security, this assistance provides a means to stay afloat financially. Anyone wanting more information on current SSA news and/or upcoming changes with its benefit programs may wish to speak with a local Social Security lawyer.
Source: Disability Scoop “Social Security, SSI Benefits To Rise in 2014” Michelle Diament, Oct. 30, 2013