Monthly Social Security benefits, including disability and retirement benefits, as well as Supplemental Security Income benefits for more than 65 million Americans will increase 0.3% in 2017.
The 0.3% Cost of Living Adjustment (COLA) will begin with benefits payable to more than 60 million Social Security beneficiaries in January 2017. Increased payments to more than 8 million SSI beneficiaries began on December 30, 2016. The Social Security Act ties the annual COLA to the increase in the consumer price index as determined by the Department of Labor’s Bureau of Labor Statistics.
Social Security’s disability thresholds for 2017 have been increased. Substantial gainful activity for non-blind individuals in 2017 will be $1,170.00 per month. For blind individuals, substantial gainful activity is $1,950.00 per month. For individuals receiving Supplemental Security Income (SSI) the Federal Payment Standard is $735.00 per month for an individual or $1,103.00 for a couple. The SSI Resource Limits remain at $2,000.00 for an individual or $3,000.00 for a couple.
Van Jacobsen of Bird, Stevens & Borgen, P.C. has extesnive experience handling SSDI cases. If you have questions about your eligibility for Social Security Disability benefits or Supplemental Security Income benefits, please feel free to contact him to discuss eligibility requirements. You can also visit our blog for more information.