Tuesday, November 4, 2008

Social Security and SSI Benefits to Increase in 2009

The Social Security Administration has announced that in the coming year monthly Social Security and Supplemental Security Income benefits will increase by 5.8 percent. These benefits automatically increase each year based on cost of living increases. In the SSI program, the maximum federal payment for an individual will be $674 per month and for couples it will be $1,011 per month. SSI resource limits will remain the same, at $2,000 for individuals and $3,000 for couples. Additionally, the substantial gainful activity level (used to determine if an individual is disabled) and the amount of earnings required to earn quarters of coverage (work credits) will also increase beginning in January. For more information, please visit the Social Security Administration website here
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