As most Americans already know, the federal budget has been slashed repeatedly and in a number of ways over the past several years. Though many departments and services have been affected by budgetary cuts, the beneficiaries of certain governmental benefits have been among the hardest hit. Fortunately, Supplemental Security Income (SSI) beneficiaries are receiving a rare increase in their benefits in 2014 rather than a decrease.
SSI beneficiaries were recently greeted with a cost of living adjustment (COLA) to their benefits. While the COLA is not a terribly large increase, it is certainly a welcome adjustment when opposed to a decrease in benefits. For the eight million Americans who receive SSI benefits, the adjustment is a 1.5 percent bump in benefits. Other Social Security beneficiaries will be receiving a similar bump in benefits this month.
According to the Cleveland Advocate, the average monthly SSI payment has now increased to $721 up from $710 during the 2013 calendar year. While $11 does not seem like much of an increase, it represents a welcome change in households where pennies are pinched and every dollar makes a difference.
For millions of Americans, SSI benefits help to ensure that basic needs are met consistently. If you or a loved one has questions about SSI benefits, the recent SSI COLA or whether you might qualify to receive SSI benefits, please do not hesitate to speak with an attorney experienced in Social Security matters. A quick consultation may lead you towards securing benefits that could make a substantial difference in your life.
Source: Cleveland Advocate, “Social Security recipients to get 1.5 percent cost of living adjustment,” Andrew Hardwick, Nov. 26, 2013