If you receive Social Security Disability and Supplemental Security Income benefits, here’s some good news. The Social Security Administration has announced these benefits will increase by 2% for the annual Cost-of-Living Adjustment (COLA) for 2018. This means that more than 66 million Americans will have some extra money in their pockets.
This year’s increase is significant as there has been very little increase since 2015.
2018 Changes to Supplemental Security Income (SSI)
Here’s a breakdown of the changes:
- Individuals receiving Supplemental Security Income (or SSI benefits) will receive up to $750 in benefits instead of $735.
- Couples may receive up to $1125 in benefits.
2018 Changes to Social Security Disability Benefits
Social Security Disability benefits will also increase by 2%. Benefit amounts vary based upon the individual’s Primary Insurance Amount (PIA), which is calculated using a formula assessing the individuals earnings history. Click here for more information regarding this calculation.
2018 Changes to Work Activity
The Social Security Administration has made increases in the amounts considered for work activity. They have increased the Substantial Gainful Activity (SGA) threshold to $1180 per month for non-blind individuals and $1970 per month for blind individuals. Individuals who are disabled and are working, but not able to earn over the amount may still be eligible to apply for benefits.
The trial work period threshold has also increased to $850 per month. This program allows a person that is already on benefits to attempt to return to the workforce while still collecting benefits.
Click here for more information about Social Security’s COLA adjustment. It is important to get advice from a knowledgeable attorney about these issues. Attorney’s at Match and Farnsworth, PC are available to provide assistance.