SSI Payments To Increase
Monthly Social Security payments — including those for Supplemental Security Income beneficiaries — will go up next year.
Benefits will rise 1.7 percent in 2015, the Social Security Administration said Wednesday.
The increase is triggered by law through an automatic cost-of-living adjustment known as COLA, which is based on inflation.
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The change will affect 58 million people on Social Security starting in January and eight million SSI recipients beginning Dec. 31, officials said.
SSI benefits for individuals will increase to a federal maximum of $733 per month, up from $721 per month during 2014.
For couples receiving SSI, the top federal payment will grow to $1,100 per month from $1,082 currently.
Many states add to SSI benefits for their residents meaning that actual payments could be higher.
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