Many Pennsylvania residents know all too well how much SSI can help those who no longer work due to retirement or other circumstances. One negative side to SSI is the fact that although the amount of money given stays the same, the cost to live raises. This will now change for almost 60 million Social Security beneficiaries who will see the change early next year, and the eight million on SSI will see the raise at the very end of 2013.
Although the raise seems small, at 1.5 percent, it can still help. Many residents have SSI and nothing more, so any raise is better than no raise. Most retired social security recipients only receive just under $1,300 per month. When food costs, in addition to medical expenses and monthly mortgage payments are put into the equation, that money goes substantially quick. Those who are on SSI only get around $700 a month, and as a result, every penny has to be stretched.
This new change has been brought on as a result of the average person making more than in the years before. Unfortunately with the new raise for the cost of living, higher taxes will follow for SSI recipients. In fact, it could be a staggering amount of 10 million recipients who will experience the higher Social Security taxes.
Raising the SSI rate for Pennsylvania residents’ cost of living will likely be a great thing for many. After working hard for a lifetime, and putting in a fair share to receive SSI, it is only right that the government recognizes this and chooses to help these people out. Many on SSI are left struggling every month, living check to check — the raise will do it’s part to attempt to ensure that no longer happens. It can be helpful to have a clear understanding of Social Security laws in order to make sure that one’s benefits are maximized.
Source: Your Houston News, Social Security recipients to get 1.5 percent cost of living adjustment, Andrew Hardwick, Nov. 26, 2013