One common source of income for individuals with special needs, both as children and as adults, is Supplemental Security Income (SSI). This federal means-tested benefits program provides monthly cash assistance for individuals who are disabled and unable to work. As a result, SSI can be a crucial piece of financial support for persons with special needs.
The Social Security Administration (SSA) has announced that recipients of Social Security and SSI benefits will receive a cost-of-living adjustment (COLA) of 8.7% in 2023. This COLA will benefit about 70 million Americans.
About Cost-of-Living Adjustments
The purpose of the COLA is to ensure that inflation does not erode the purchasing power of Social Security and SSI benefits. Since inflation currently is high, the COLA is greater for 2023 than in most years; in fact, the 2023 COLA is the highest that it has been since 1981. Congress enacted the COLA as part of the 1972 Social Security Amendments. As a result, automatic annual COLAs tied to the Consumer Price Index (CPI-W) began in 1975.
As a result of the 2023 COLA, the maximum SSI federal payment standard for an individual will increase from $841/month to $914/month. Likewise, the maximum SSI federal payment standard for a married couple will increase from $1,261/month to $1,371/month.
SSI recipients typically receive a notice in the mail starting in early December about their new monthly benefit amounts. However, SSI recipients can also access “my Social Security” accounts to view their COLA notices online.
SSI Benefits Generally
According to SSA, more than 6.2 million Americans received SSI payments in September 2022, not counting any payments that some states choose to supplement. The average monthly federal SSI payment is $601.54. The majority of SSI payments – or over 3.65 million payments – go to adults between the ages of 18 and 64.
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Rubin Law is the only Illinois law firm exclusively dedicated to providing compassionate legal services for children and adults with special needs. In addition, we offer unique legal and future planning techniques to meet your family’s individual needs. At our law firm, you can discuss all your needs and objectives with an experienced Illinois special needs trust lawyer.
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