On October 16th the Social Security Administration (SSA) announced that monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 62 million Americans will increase 1.7 percent in 2013. The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2012.
This means that all Social Security beneficiaries will see a 1.7% increase in their monthly benefits. This also means that the new maximum monthly income for SSI beneficiaries will be raised to $710.
This also typically means there will see a corresponding adjustment to the VA Aid & Attendance and other non-service connected pension benefit amounts. The new VA non-service connected benefit amounts have not been announced yet. Stay tuned as I will post the new 2013 VA benefit number when they are announced.