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Cola

COLA stands for Cost of Living Adjustment. The COLA is usually an annual adjustment that will increase the Social Security disability benefits for those who receive a disability check every month. For those who have already been approved for Social Security Disability, the COLA is most welcome. It is meant to help those who depend on the disability money in order to live the ability to keep up with inflation. The COLA is figured by using a formula devised by Social Security that uses the Consumer Price Index for Urban Wage Earners and Clerical Workers. When the percentage of this price index rises, then there will be a COLA for those who receive benefits from Social Security. The COLA has been in place with the rules in use today ever since 1975. Any type of disability benefit increase that took place before 1975 had to be set in place by government legislation.

Fast Facts

  • The Average Wage Index is used along with COLA to determine the actual amount of the benefit adjustment that those on disability receive.
  • Those who are receiving Social Security Retirement benefits also receive a COLA adjustment.

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