SSI Benefits To Increase In 2017
Individuals with disabilities receiving Supplemental Security Income or other Social Security benefits will see a small increase next year.
Payments will rise 0.3 percent in 2017, the Social Security Administration said Tuesday.
The bump up is due to an automatic cost-of-living adjustment, known as COLA, which is mandated by law and based on inflation.
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The increase, which takes effect in January, will mean more money each month for 60 million Americans on Social Security and 8 million receiving SSI, officials said.
With the change, the maximum federal SSI benefit for individuals will be $735 per month, up from $733 in 2016. For couples, the highest federal payment will grow to $1,103 per month from $1,100.
Many states provide additional funding to SSI beneficiaries so actual payments could be higher.
Despite the modest increase, the adjustment is greater than what was announced at this time last year. Benefits for 2016 were unchanged compared to the year prior.