For people in Hackensack and throughout New Jersey who are seeking or already receiving Supplemental Security Income, a common question they will have is what the total amount of SSI benefits will be. Meeting the requirements to be approved is just one factor in a case. After a person meets those requirements by being blind, disabled, 65 or older and having a sufficiently limited amount of income and resources, there are other considerations.
One key issue is knowing how much the Cost-of-Living Adjustment (COLA) will be for 2019 as this is a fundamental factor in planning and budgeting for individuals and families. As a new year begins, understanding COLA is critical for SSI recipients and applicants. With the new year, SSI-related benefits will rise by 2.8 percent. For individuals, they will receive $771 per month. If it is an eligible individual who has an eligible spouse, it will be $1,157 per month. If it is an essential person, it will be $386 per month.
When the Social Security Administration determines the amounts that SSI recipients will get the next year, the monthly amounts will be based on how much the SSI recipient received by raising the unrounded annual amount for the current year - 2018 - by the COLA for January of 2019. Those unrounded amounts will be divided by the number of months in a year. The amount that is calculated will then be rounded to the next lower multiple of $1. With that, an eligible individual will get $9,259.67 for 2019. An eligible couple will get $13,887.97. And an essential person will get $4,640.45.
It is wise for New Jersey residents to remember that many people who are getting SSI in the state can also receive payments in addition to their federal benefits, so the amount might be higher. With SSI benefits, those seeking it or getting it should know how much they are eligible to receive. COLA is a major part of that. When there are questions, concerns or the proper amount is not being paid, a law firm that represents people in their Supplemental Security Income cases can help.