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DISABILITY BENEFITS COLA (Cost Of Living Adjustment) TRACKER

May 26, 2022 Disability

Gas is probably about to get even more expensive! The COLA tracker might hit close to 10 percent soon:

According to an EIA release yesterday, oil refineries west of the Rockies were operating at between 94 and 97 percent capacity during the week ending May 20, 2022:

https://www.eia.gov/petroleum/supply/weekly/

That level of production is almost unsustainable by most accounts and we haven’t even reached the summer driving season yet. Estimated gasoline demand last week was 8.8 million barrels, which represents lessened demand, probably due to record high prices. “Implied Demand”, as this estimate is called, bears watching as the refineries seem to have very little capacity left. Price spikes above $5 per gallon nationwide would likely follow demand higher than 9 million.

Gas prices are a big part of the CPI-W, which drives the current COLA Tracker:

“The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 8.9 percent over the last 12 months to an index level of 284.575 (1982-84=100). For the month, the index rose 0.5 percent prior to seasonal adjustment.”

https://www.bls.gov/news.release/cpi.nr0.htm

COLA Tracker: That is 6.0 percent more than September 2021’s reading, meaning that if prices stayed the same until September 30, 2022 Social Security disability beneficiaries would get a 6.0

Percent increase in benefits beginning in January 2023. FERS Disability beneficiaries would get a 5.0 increase and Maryland State Disability retirement beneficiaries would get an increase based on complex factors based on contracts signed previously.

 

I have closed my law firm effective 10/21/22. If you believe you are a current client, you are probably mistaken. I am only representing clients in the very last stage of their cases where a decision is about to be rendered and where no action needs to be taken in order to get that decision. I have withdrawn from all other cases. I am no longer representing you and you should have gotten a letter to that effect. For Social Security matters, I advise you call Jenkins, Block & Associates at 410-727-4000 or email at bruce.block@teamjba.comMichelle.mulcare@teamjba.com or Jennifer.hecner@teamjba.com - for all other matters I have no recommended referral. I do not regularly monitor this email or my phone messages. Requests for former client files should be made in writing to:

Emmett B. Irwin
1777 Reisterstown Rd. Suite 265
Pikesville, MD 21208