SSI Benefits To Remain Unchanged
For only the third time in decades, individuals with disabilities who receive Social Security benefits will see no increase next year in their monthly payments.
The Social Security Administration said Thursday that there will be no automatic cost-of-living adjustment, or COLA, for 2016. That’s because inflation is too low to warrant an automatic benefit hike, the agency said.
Since 1975, federal law has mandated that Social Security benefits adjust upward annually to account for increases in inflation as measured by the Consumer Price Index. There have been only two other years — 2010 and 2011 — without a COLA.
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Without an adjustment, the maximum federal Supplemental Security Income benefits for individuals will remain at $733 per month. For couples, that figure will continue to be $1,100 per month.
Many states supplement SSI benefits for their residents so actual payments may be higher.
Across the nation, over 59 million people receive Social Security benefits and 8 million rely on SSI.