Individuals with disabilities who depend on Supplemental Security Income (SSI) and other Social Security benefits will see an increase in their monthly payments as part of the annual cost-of-living adjustment (COLA) linked to inflation. This adjustment takes effect at the end of December for SSI beneficiaries, while Social Security benefits will rise in January.
Starting December 31, the maximum federal SSI benefit for individuals will increase to $994 per month, up from $967 this year. For couples, the maximum benefit will rise to $1,491, compared to $1,450 previously. It is important to note that some states provide additional contributions, potentially resulting in higher actual payments for beneficiaries.
Beneficiaries will receive official notifications by mail detailing their new benefit amounts and any deductions. Furthermore, individuals can easily access their updated payment information by logging into the Social Security Administration’s website.
Despite this increase, the Senior Citizens League, a nonpartisan advocacy group for seniors, has expressed concerns that the adjustment is insufficient to keep pace with living costs. They are urging Congress to consider establishing a minimum COLA of 3% and to revise the calculation methods to more accurately reflect the spending habits of beneficiaries.
This annual adjustment is a crucial component of support for many individuals and families relying on these benefits, providing a much-needed boost, albeit one that advocates believe still falls short in addressing the growing financial pressures faced by many.