Tuesday, October 23, 2007

Federal Policy News: Social Security Cost of Living Adjustment

The Social Security Administration announced a 2.3 percent cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) beneficiaries for 2008. The 2008 COLA is the lowest in several years. For people with disabilities, the substantial gainful activity (SGA) level will rise to $940 per month for people with disabilities who are not blind and to $1,570/month for people who are blind. These levels in 2007 were $900 and $1,500, respectively. In the SSI program, the maximum federal payment for an individual will rise to $637 per month, up from $623 in 2007. For couples, the maximum federal payment will be $956/month, up from the 2007 amount of $934. SSI resource limits will remain at $2,000 for individuals and $3,000 for couples. For more details, see SSA’s website: http://www.socialsecurity.gov/pressoffice/factsheets/colafacts2008.htm.

(Special thanks to DPC for providing this information)

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