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Tuesday, November 20, 2012

SSI goes up 1.7% for 2013

In October, the Social Security Administration announced a 1.7% cost of living raise for those who get benefits.  The raise takes effect in January 2013.

If you get SSI, this means the most you could get in SSI will go up to $710 per month.  Whether you get that much depends on other things, including any other income and resources you have.  An eligible couple will be able to get up to $1,066 per month.  Those who get Social Security disability will also see a 1.7% raise.

No one gets rich on SSI, but those who have to live on it will likely be grateful for even this small increase.  SSI benefits stayed at a maximum of $674 per month for an individual from 2009 to 2011 before rising to $698 last year.

If you'd like to see what SSA says about this on its own web site, go to http://www.ssa.gov/oact/cola/SSI.html.

--- Michael Ferry
2:48 pm | link 

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