September will be a big month for seniors and people who get money from the Social Security Administration (SSA). Starting on September 3, the SSA will have to raise the amounts it gives out.
What is the new Social Security increase
People who get Supplemental Security Income (SSI) will gain from this increase. The SSA says the rise could be as high as $943, which is a number that has never been seen before.
The amount will go up to $1,415 for a person who is qualified and their spouse. The Supplemental Security Income (SSI) program is for people with serious disabilities who have trouble making ends meet and taking care of themselves.
It has been important for many agencies to make changes because of the financial crisis in the United States. Social Security will depend on the Cost of Living Adjustment (COLA) as an example of one of these changes.
According to the Senior Citizens League (TSCL), there will be a 2.6% rise, which will show up in the following ways:
- 62 years: U$D 1332.01
- 67 years: U$D 1603.70
- 70 years: U$D 2090.52