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Social Security benefits set to increase

Social Security benefits set to increase

| Nov 9, 2011 | Social Security Disability |

It can be a frightening experience for those who find themselves suffering an injury that prevents them from working, but fortunately there are places to go to get help.

There are close to 1.5 million people living in New Jersey who receive Social Security benefits. For the first time in two years, those recipients will be seeing their benefits increase.

At the end of this year and beginning of next, those receiving Social Security benefits are set to experience a 3.6 percent increase in their payments. The announcement came in mid October and could amount to an additional $500 a year for some. Currently, more than 60 million Americans receive Social Security benefits.

New Jersey Senator Frank Lautenberg praises the increase. He says that the struggling economy has been particularly difficult for those who receive Social Security benefits. He also believes this will benefit the economy by potentially increasing consumer spending.

In addition to the cost-of-living adjustment, the maximum earning potential will also be increased from around $107,000 to more than $110,000.

New Jersey residents considering applying for Social Security benefits may find it helpful to meet with an attorney who has experience in SSDI as there are certain eligibility requirements.

Under the Social Security Act, those who are considered disabled have a number of different options in terms of the benefits they may receive. The application process can be challenging and confusing, but an attorney may be able to help guide you through the process and determine the best plan of action.

Source: NJToday, “Social Security Benefits Will Increase For First Time Since 2009,” Oct. 19, 2011