The largest cost-of-living adjustment (COLA) in 25 years for Social Security recipients this year means boomers with disabilities are also reaping the benefits. However, projections from the Congressional Budget Office indicate beneficiaries might see an adjustment of zero percent in 2010.
If so, those with Social Security Disability Insurance are facing even more of a financial battle if 2009 proves to be as brutal as 2008, according to Allsup, a provider of financial and health care related services to people with disabilities, which represents tens of thousands of people in the Social Security Disability Insurance (SSDI) process each year.
“The largest COLA increase … is good news for Social Security recipients,” said Jim Allsup, CEO and founder in a statement. “It reflects a higher cost of living that hit hard for many people and their families in 2008.”