SSI benefits to see modest increase in 2013

Supplemental Security Income recipients will see a 1.7 percent increase in their monthly payments next year, the Social Security Administration announced October 16.

Coin stacks increasing with arrow
Cost of Living Adjustment

The increase is due to the program’s annual cost-of-living adjustment, or COLA, which increases benefits in line with the inflation rate.

The increase is lower than this year’s increase of 3.6 percent, but higher than 2010 and 2011, the only two years since the SSI program’s creation in 1974 that recipients did not see a year-on-year increase in benefits.

Individuals on SSI will see a monthly increase from $698 to $710, while monthly payments to couples will increase from $1,048 to $1,066.

Changes in SSI mirror those in the traditional Social Security program for the elderly.

About eight million individuals currently receive benefits from SSI, the government’s main disability support program for the poor.