SSI Payments Set to Increase in 2018

Posted: October 14, 2017 by AMCPress And Co in Disability News
Tags: , ,

This past week reports have came out about the latest COLA increase this is great news for everyone who receives SSI since there hasn’t been an increase in COLA since 2016. 

This is the largest jump since 2012 to include a year too year COLA increase which monthly benefits went up by 3.6 percent. 

The Social Security Administration stated that in 2018 payments will increase to an additional two percent in 2018. The higher payments are triggered by the automatic cost of living adjustment or also known as COLA which is triggered by law whenever inflation rises which helps increase SSI benefits. 

Over 8 million SSI beneficiaries will receive larger payments starting December 29th. The raise will take effect the beginning of January for more than 61 million Americans who are receiving social security will see this raise take effect. 

Social Security officials stated the benefits hike will raise the maximum federal SSI payment for individuals to $750 per month previously it was $735 as of this year. 

Officials also stated that couples will see the highest federal payments will be $1,125 per month up from $1,103. 

Some States also kick in additional money for SSI beneficiaries so actual payments could be higher which is great news. 

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