Oklahomans who are either getting Social Security disability or Supplemental Security Income will receive a certain amount in benefits every month. Regardless of whether they are getting SSD or SSI, they should be cognizant of periodic increases in the amount they get. This frequently depends on various factors including the cost of living. It was recently announced by the Social Security Administration that people getting these benefits will receive an increase in 2020. For those already getting these benefits or seeking them, this can be an important piece of news.
The SSA stated that the benefits will increase by 1.6 percent in 2020. This is based on the cost-of-living adjustment. The calculation stems from inflation and goes into effect when there is a rise in the U.S. Department of Labor’s Bureau of Labor Statistics’ Consumer Price Index. For more than 8 million people who are getting SSI benefits, the change will begin on New Year’s Eve. For the approximately 63 million who get Social Security, it will increase in January.
Currently, those getting SSI receive $771 each month. That will increase to $783 monthly. If a couple is receiving SSI, it will go to $1,175 from $1,157. While it is a positive that there is a COLA for 2020, the increase is less than it was in 2019 when there was a boost of 2.8 percent.
For people getting or seeking SSD or SSI benefits, the amount can be concerning. SSI has certain requirements for those who are applying and they must be met before the claim can be approved. That includes being blind, disabled and 65 or older while meeting various income and resource thresholds. For those getting SSD, there are also important points about meeting the criteria for approval. For help with applying for benefits or ensuring that the maximum is received, it can be important to have legal help. A law firm experienced in Social Security disability and SSI Supplemental Security Income can be of assistance.