Social Security Rates for 2018 Have Been Announced
Every year, the Social Security Administration determines whether to adjust the Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) amounts that beneficiaries receive. They do this by evaluating the cost of living and determining whether an adjustment is needed.
On October 13, 2017, the rate amounts for 2018 were announced. While over the last decade or so, Cost-of-Living Adjustments (COLA) have been minimal. However, this year, SSA has announced that beginning with the January 2018 payment amount, beneficiaries of SSDI, SSI, and retirement benefits will all see a 2% COLA increase.
This increase means that someone receiving $1,000 per month in SSDI benefits will receive $1,020 per month.
For individual beneficiaries in Florida (or any other state that pays the federal payment standard) receiving the maximum SSI monthly benefit of $735 for 2017, their monthly benefits will increase to $750 per month beginning January 2018.
While the monthly increase may not seem like much, the increase for 2017 was 0.3 percent and the increase for 2016 was 0.0 percent. Therefore, this 2.0 percent increase is hefty by comparison, and much-needed.
Further, as is the case with many households, every penny counts, thereby making this increase welcome news. The increase in benefits will allow Social Security beneficiaries additional resources to pay for essentials such as food, transportation, and medical expenses.