The Social Security program is one of the most widely used federal support programs in the United States, paying benefits to more than 60 million Americans each year. These benefits provide critical funds to pay for living expenses for retired and disabled Americans. While this money is sufficient for many, not all Americans can survive on Social Security benefits alone in retirement.
That’s where Supplemental Security Income (SSI) comes in. SSI Benefits are a lifeline for many retired and disabled Americans. These payments can offer those with limited income and financial resources a reliable source of money for daily expenses when Social Security benefits simply aren’t enough or when the person does not yet qualify for Social Security.
Every year, the Social Security Administration (SSA) adjusts the amounts it pays based on the adjusted average cost of living. Now that we’ve reached the end of 2018, the SSA has announced its revised benefits for 2019, and many beneficiaries can expect to receive a slight increase in the amounts on their SSI checks each month.
Benefits Amounts for 2019
SSI benefits are increasing marginally in 2019. Not all beneficiaries can expect to receive the same pay increase, however, as the program bases benefit amounts on each person’s unique financial situation.
In 2018, full SSI benefits paid individuals $750 per month and couples received $1,125. In 2019, these amounts will rise to $771 each month for individuals and $1,157 for couples. This increase of $21 and $32 respectively reflects the Cost-of-Living Adjustment (COLA). The increase of 2.8 percent will take effect in January 2019 for those who receive Social Security. For the millions of Americans receiving SSI benefits, the increase will take effect on December 31, 2018.
Other stipulations of the Social Security programs were adjusted as well. The new maximum amount of taxable earnings is $132,900. The adjusted earnings limit for those under age 66 has increased to $17,640 before incurring benefits deductions, while there remains no limit on earnings for those who are at the “full” retirement age or older.
Contact Silver & Silver for Social Security Legal Assistance
Silver & Silver is Philadelphia’s trusted team of Social Security lawyers. With experience handling both SSD and SSI, our Philadelphia lawyers can help with all your Social Security disability legal needs. Contact us today to learn more.