Social Security and Supplemental Security Income payments for January will be higher thanks to an automatic adjustment of the cost of living. (Disability Scoop)
Millions of Americans with disabilities are seeing a major bump in their supplemental income and other Social Security benefits.
According to the Social Security Administration, monthly payments are growing 5.9%. The change applies to SSI payments beginning December 30 and Social Security benefits paid this month.
The increase is the result of an annual automatic adjustment in the cost of living, or COLA, which is linked to inflation and is based on the Consumer Price Index from the Bureau of Labor Statistics of the United States Department of Labor.
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This year’s COLA is the largest since 1982.
For individuals receiving SSI, the maximum federal benefit will increase to $841 per month by 2022. The figure is $1,261 for couples. Actual payments may be higher as some states contribute more.
The Social Security Administration said it sent notices to beneficiaries in December with new payment amounts. Most people also access the information online through their Social Security account, the agency said.