September is set to be a significant month for retirees and those receiving subsidies from the Social Security Administration(SSA). Starting from September 3rd, the SSA will implement increases in the amounts it distributes.
What is the new Social Security increase
This increase will benefit recipients of the Supplemental Security Income (SSI) program. According to the SSA, the increase will be up to $943, an unprecedented figure.
For an eligible individual along with their spouse, the amount will rise to $1,415. The SSI program is designed for individuals with severe disabilities who face significant limitations in their income and their ability to support themselves.
Due to the financial crisis facing the United States, various agencies have found it necessary to make some adjustments. One such adjustment involves Social Security, which will rely on the Cost of Living Adjustment (COLA).
According to the Senior Citizens League (TSCL), an increase of 2.6% is projected, which will be reflected as follows:
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