The Social Security Administration (SSA) has officially addressed the annual Cost-of-Living Adjustment (COLA) for 2026, yet rumors regarding a specific $147 SSI increase continue to circulate online. While millions of Americans rely on Supplemental Security Income (SSI) to meet basic needs, distinguishing between viral misinformation and official federal announcements is crucial for financial planning.
The Truth About the $147 Increase Rumor
There is currently no official record or legislation from the Social Security Administration authorizing a flat $147 increase for all SSI recipients. This specific figure appears to be a result of misinformation or the conflation of different financial news.
According to verified reports, the figure of $147 is more likely linked to a recent $12.5 million class action settlement involving Cash App, where eligible claimants could receive up to $2,500, but many smaller claims were projected in the $147 range. This unrelated private settlement has been incorrectly grouped with Social Security benefits by some unofficial news outlets, leading to confusion among beneficiaries.
Official SSI Benefit Changes for 2026
The Social Security Administration calculates benefit increases based strictly on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). For 2026, the SSA has confirmed a 2.8% Cost-of-Living Adjustment (COLA). This percentage applies to both Social Security retirement benefits and SSI payments.
New SSI Payment Standards
Based on the 2.8% increase, the maximum federal monthly SSI payment amounts for 2026 are:
- Eligible Individuals: $994 (up from $967 in 2025)
- Eligible Couples: $1,491 (up from $1,450 in 2025)
- Essential Persons: $498
These payments began on December 31, 2025, as January 1 is a federal holiday. For most recipients, the actual dollar increase per month ranges between $27 and $41, depending on their current benefit level and living situation—far below the rumored $147 figure.
How the SSA Determines Benefit Increases
The SSA does not arbitrarily select dollar amounts for benefit raises. The process is governed by federal law and follows these specific steps:
- Inflation Monitoring: The Bureau of Labor Statistics tracks the CPI-W during the third quarter of the year (July, August, and September).
- Formula Application: The average CPI-W for the current year’s third quarter is compared to the third quarter of the last year a COLA was determined.
- Automatic Implementation: If there is a percentage increase, it is automatically applied to benefits starting the following January.
Beneficiaries can verify their specific new payment amount by logging into their personal my Social Security account or reviewing the COLA notice mailed by the agency in late 2025.
Avoiding Social Security Scams and Misinformation
The SSA has warned that rumors about “extra” or “bonus” checks often serve as bait for phishing scams. Official communication regarding your benefits will always come via:
- Official Mail: Sent from the Social Security Administration.
- Secure Message Center: Located within the official SSA.gov portal.
No government agency will call, text, or email you to promise a “new” $147 increase in exchange for personal information or a fee. To stay informed, always refer to the SSA Newsroom for the latest verified data on benefit adjustments.
Frequently Asked Questions
Is the $147 SSI increase real?
No, the $147 figure is not an official SSA benefit increase; it is likely a rumor conflated with an unrelated private class action settlement.
What is the actual SSI increase for 2026?
SSI benefits increased by 2.8% for 2026, raising the maximum individual payment to $994 and the couple’s payment to $1,491.
When did the 2026 COLA take effect?
The 2.8% COLA for SSI recipients officially took effect with the payment delivered on December 31, 2025.
A former Wall Street analyst turned independent advisor, Mike specializes in retirement planning, 401(k) strategies, Social Security optimization, and late-career financial moves for everyday Americans.