SSI Payments To Increase Soon

People with disabilities who receive Supplemental Security Income and other Social Security benefits are about to get a raise.

Benefits will increase starting later this month due to an annual automatic cost-of-living adjustment, or COLA, that’s tied to inflation.

SSI beneficiaries will see higher payments beginning Dec. 31 while the hike will take effect for Social Security in January.

Thanks to the adjustment, the maximum federal SSI benefit for individuals will reach $994 per month, up from $967 this year. The top benefit for couples will rise to $1,491 per month compared to $1,450 this year.

Some states contribute extra, so actual payments could be higher.

The Social Security Administration mails a notice to beneficiaries detailing their new benefit amount and any deductions. The information can also be accessed by logging in on the agency’s website, officials said.

The increase is not enough to keep up with the rising cost of living, according to the Senior Citizens League, a nonpartisan group that advocates for seniors. The organization wants Congress to set a minimum COLA of 3% and update the way it is calculated to better factor for beneficiaries’ spending habits.