SSI Payments To Increase In 2018
People with disabilities receiving Supplemental Security Income or Social Security are set to see their largest rise in benefits in years.
The Social Security Administration said Friday that payments will increase 2 percent in 2018.
That’s the biggest year-over-year jump since 2012 when monthly benefits went up by 3.6 percent.
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The higher payments are due to an automatic cost-of-living adjustment — or COLA — that’s triggered by law whenever inflation rises.
With the change, over 8 million SSI beneficiaries will receive larger payments starting Dec. 29. The raise will take effect beginning in January for more than 61 million Americans receiving Social Security.
The benefits hike will mean that the maximum federal SSI payment for individuals will grow to $750 per month from $735 in 2017, Social Security officials said. For couples, the highest federal payment will be $1,125 per month, up from $1,103.
Many states kick in additional money for SSI beneficiaries so actual payments could be higher.