Monthly Social Security payments — including those for Supplemental Security Income beneficiaries — will go up next year.
Benefits will rise 1.7 percent in 2015, the Social Security Administration said Wednesday.
The increase is triggered by law through an automatic cost-of-living adjustment known as COLA, which is based on inflation.
The change will affect 58 million people on Social Security starting in January and eight million SSI recipients beginning Dec. 31, officials said.
SSI benefits for individuals will increase to a federal maximum of $733 per month, up from $721 per month during 2014.
For couples receiving SSI, the top federal payment will grow to $1,100 per month from $1,082 currently.
Many states add to SSI benefits for their residents meaning that actual payments could be higher.
Reposted from Disability Scoop