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Upcoming COLA will raise payments in SSI benefits

Oklahomans who are injured, ill or disabled and meet the necessary income thresholds can receive Supplemental Security Income through Social Security disability. SSI benefits are for people who have a limited income and are disabled, blind or over 65-years-old. Many people rely on SSI when they cannot work and are not able to support themselves. An issue that many face is that the SSI payments are not sufficient to cover their expenses.

An important factor they must remember is how much they will get and how the amount is determined. To ensure that those who get SSI benefits receive enough to survive, the Social Security Administration will periodically have a cost of living adjustment, also referred to as COLA. For people who are getting or seeking SSI-related benefits, knowing about an upcoming COLA is essential.

Those who are getting SSI will be getting a COLA for 2018. The rise will be the highest in years at two percent. In 2012, COLA rose by 3.6 percent. Based on the law, the SSA raises COLA when there is a rise in inflation. With that, the more than eight million people who are getting SSI will receive more beginning on December 29. For 61 million who are getting Social Security, it will begin in January. With the increase, the most people can get from SSI will rise by $15 from $735 in 2017 to $750 in 2018. Couples who are getting SSI, the increase will be from $1,103 to $1,125.

People who are receiving SSI benefits should know about COLA. Those who are considering seeking SSI should also be cognizant of the upcoming changes so they will be prepared for the amount they are supposed to receive. For any issue centered around SSI Supplemental Security Income, having legal assistance is crucial. Contacting a lawyer experienced in SSI benefits, COLA and any other matter related to SSD benefits can help.

Source: disabilityscoop.com, "SSI Payments To Increase In 2018," Michelle Diament, Oct. 13, 2017

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