Millions of Social Security Income recipients will receive a boost in their benefits next year, due to an increase in cost-of-living. The Social Security Administration recently announced that it is increasing the cost-of-living adjustment (COLA) to 2.8%, effective January 2019. It is the largest increase of COLA in seven years.
COLA is based on the annual Consumer Price Index for Urban Wage Earners and Clerical Workers (as determined by the Department of Labor). The Consumer Price Index measures the changes in price for food, housing, clothing, transportation, health care, recreation, and education.
An increase in COLA means an increase in Maximum Federal Supplemental Security Income (SSI) payments. Beginning in January 2019, the monthly maximum Federal amount will be $771 for eligible individuals, $1,157 for eligible individuals with an eligible spouse, and $386 for an essential person.
More than 67 million Americans, or one in five American households, benefit from Social Security and Supplemental Security Income. Many people who receive retirement benefits rely on Social Security for the bulk of their monthly income. As such, the annual cost-of-living adjustments play an important role in helping recipients pay for living expenses.
If you need help with your Supplemental Security Income or Social Security Disability Income case, contact The Khaki Law Firm at (678) 798-8779 or via our online form.