October 26, 2011
SSI Payments to Rise
In 2012, Supplemental Security Income (SSI) money will rise by 3.6%. The changes will occur starting December 30, 2011. Over 8 million people who receive the money will be affected by these changes.
The payments for a single person with a physical/mental challenge will rise from $674 to $698. For a couple receiving money, it will rise from $1,011 to $1,048. The money is received in monthly installments.
The figures are changing due to COLA. COLA is an acronym for cost-of-living adjustment. The COLA for SSI payments changes when inflation grows.
COLA started being tracked in 1975. 2010 and 2011 were the only years that payments didn’t rise since 1975. This is the first time SSI money has increased since 2009.