Many are wondering what their Supplemental Security Income payments will be this year as SSI payments will increase.
The increase in COLA also applies to Supplemental Security Income (SSI) recipients.
Every year, the COLA boost is provided to those with fixed incomes in order to keep up with inflation.
The Consumer Price Index for Urban Wage Earners and Clerical Workers is used to determine if payments should be increased or not.
In 2021, SSI payments are expected to be $587 per month. This will bring the monthly average to $621, an increase of around $34. This will bring the annual average to $7,452.
In 2022, there will be a maximum of $841 per month in SSI benefits. This amounts to $10,092 annually.
In 2022, the maximum benefit per couple for this plan is $1,261. This is equivalent to $15,139 annually.
This is a good sign, but inflation is still rising rapidly.
Thus, it is likely that the increase is not as large as it appears.
The SSI program is administered by the Social Security Administration.
Seniors of 65 age and above, disabled individuals, and blind people with little to no income receive assistance from this program.
Read More: Less Americans Received Unemployment Insurance!
An individual cannot have assets over $2,000, and a couple cannot have assets over $3,000, to qualify.
The amount people earn also impacts SSI. Earning more means receiving fewer SSI benefits.
SSI and Social Security can both be claimed by senior citizens if they qualify.
Children, who typically do not work, get more benefits than their parents.
Whether you receive SSI or Social Security depends on how much you earn with Social Security.
SSI was received by 7.8 million Americans in July of 2021.