Since 1972, Cost of Living Adjustments (COLA) automatically change each year to reflect any increase in consumer prices. The automatic adjustment prevents inflation from eroding the purchasing power of Social Security and SSI benefits. In 2014, the COLA is 1.5%. SSI recipients will start receiving increased payments on December 31st, 2013.
With the 2014 COLA The following changes will happen:
- The SSI Federal Payment Standard will rise from $710 to $721/month for individuals.
- For couples, the standard will rise from $1,066 to $1,082/month.
- Resources limits for both individuals and couples will hold at $2,000 and $3,000, respectively.
- Substantial Gainful Activity (SGA) thresholds for people who are not blind will increase from $1,040 to $1,070/month.
- Substantial Gainful Activity (SGA) thresholds for people who are blind will increase from $1,740 to $1,800/month.
- The Trial Work Period (TWP) amount will increase from $750/month to $770/month.
To learn more about COLA increases, go here.