If you receive disability benefits or are looking to receive them in the future, then you will be happy to know that both Social Security Disability and Supplemental Security Income payments will increase in 2021.
According to news from Oct. 14, the Social Security Administration stated that all benefits will increase by 1.3% beginning in 2021. This is a result of an annual cost-of-living adjustment, which is also known as COLA. Every time there is an increase in inflation and the Consumer Price Index rises, then Social Security Benefits must be increased as well.
When can you expect to see those higher benefits?
If you already receive Supplemental Security Income benefits, you can expect to see the higher payments starting on Dec. 31, 2020. If you receive Social Security benefits, then you'll see the payments increased in January 2021. This change is expected to impact 8 million people by the end of the year and over 64 million in 2021.
How much will you receive in Supplemental Security Income?
If you qualify for Supplemental Security Income, you will see your benefits increase from $783 per month up to $794 per month. If you are a couple on SSI, then your benefit will go up from $1,175 to $1,191 per month.
If you are still hesitating to seek SSI or Social Security Disability benefits, or if your claim has been denied, it may be time to reapply or file an appeal. Your attorney will have more information for you on how to seek these benefits.