The Social Security Administration (SSA) has recently announced that there will be a 1.6 percent increase in payments for those receiving Social Security or Supplemental Security Income (SSI) benefits come 2020.
While this is good news, the increase may not be a total cause for celebration, as the payments will simply be adjusted due to inflation. When the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics increases, a mandated, automatic, cost-of-living adjustment (COLA) goes into effect.
This will raise the maximum federal SSI payment from $771 per month to $783 per month for an individual. For couples, the maximum payment will increase to $1,175 per month from $1,157 per month. Since some states also offer additional benefits for SSI beneficiaries, payments may increase even further.
The change is scheduled to go into effect on Dec. 31 for more than 8 million SSI beneficiaries in the U.S. For the 63 million Americans currently receiving Social Security, changes will begin in January 2020.
While SSI and Social Security beneficiaries will receive larger payments come 2020, next year’s COLA is significantly down from last year’s adjustment. From 2018 to 2019, benefits grew 2.8 percent.
Henson Fuerst Can Help
If you’re disabled and unable to work, don’t face the Social Security Administration alone. The social security disability lawyers at Henson Fuerst can help guide you through the application process—giving you the best possible chance at the benefits you need. Find out how our Raleigh Social Security Disability lawyers can help you and your family. Call 919-781-1107 or complete a free initial consultation form today.