Supplemental Security Income (SSI) beneficiaries will soon get a second payment reflecting boosted wages.
This is because of the new cost-of-living adjustment (COLA) which has climbed to 5.9%.
SSI claimants will receive the next check on Tuesday, February 1.
The new payments reflecting COLA for SSI recipients started on December 30, 2021 because of the holiday schedule.
A cost-of-living adjustment is a boost in income that keeps pace with inflation.
It is calculated based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the cost of popular goods and services.
As a result, SSI has increased by $34 on average to $621 compared to $587. This equals $7,452 each year.
According to the Social Security Administration, the monthly maximum for SSI is $841 per month for an individual in 2022 or about $10,092 on an unrounded annual basis.
For couples, the maximum benefit will be $1,261 a month, or $15,136.93 on an unrounded annual basis.
Keep in mind, inflation continues to surge across the country – meaning the increase might not feel like a whole lot for some claimants.
SSI, which is run by the Social Security Administration (SSA), aims to help those over 65, as well as blind and disabled people, who have little or no income.