People who rely on Social Security and SSI will see a 2 percent increase as we make the transition into 2018, Disability Scoop reports. This is the most significant benefit increase since 2012 when recipients saw a 3.6 percent jump and the third-biggest increase since 2009.
Why The Sudden Increase in Benefits?
Every time inflation rises in the United States an automatic cost-of-living adjustment is calculated, by law. The Administration ties the annual COLA to the increase in the Consumer Price Index set by the Department of Labor’s Bureau of Labor Statistics. If you’d like to learn more on how the COLA is calculated, please click here. While the increase may not appear to be all that significant, the extra money will add up over time, giving millions of Americans greater financial security. The average retired worker will receive an extra $27 per month, for instance:
- In 2017, the maximum federal SSI payment for individuals was $735; in 2018 that number will rise to $750 per month.
- This year couples received a maximum $1,103 per month, in 2018 that number will go up to $1,125.
- The ceiling on earnings subject to the Social Security tax (taxable maximum) will increase to $128,700 from $127,200.
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SSI Lawyer
If you are applying for or were denied Supplemental Security Income, please contact Attorney Stephanie Merritt Driscoll. At the Driscoll Law Corporation, we can help you navigate the ins-and-outs of Social Security and give you the best chance at receiving the benefits you require.
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