There was No COLA Adjustment for 2016
Around this time each year, Social Security announces Cost of Living (COLA) adjustments. Due to the fact that consumer prices remain down, there is no automatic increase in Social Security or Supplemental Security Income benefits this year.
What is COLA?
Each year, the Department of Labor uses statistics to determine whether there is a, “rise in the cost of living.” If there is, monthly Social Security and SSI federal benefit rates increase. If there is not, the benefit amount stays the same.
Resource Limits for SSI
The resource limits for SSI also remain the same this year. That is $2,000 for an individual and $3,000 for a couple.
What Does this Mean for You?
What this means is that your Social Security or SSI benefits will remain the same. In addition, the amount of money you may have in order to be eligible for SSI remains the same as well.