NOTE: The answers and explanations reflected below were updated from the original posting to include a timing correction on the start dates.
Calculate this household’s income factoring in the new COLA increase of 1.6%? Robert and Marla are adults living in the same unit and both have COLA increases to their income. Robert is receiving $759.63 in Social Security and $106.95 in VA Benefits and Marla is receiving $876.00 in SSI, their recertification date is 12/1/2019. What is the total income for Robert’s SS?
What is Robert’s income from VA?
What is Marla’s income from SSI?
What is the total income for this household?
Explanation and breakdown:
Things to note: The increase begins in December for SSO/SSD/VA income and SS income is paid one month later beginning in January.
How many months to calculate COLA For SSI/SSD/VA
How many months to calculate COLA for SS
2 months at current rate and 10 with the COLA Jan - Sept.
3 months at current rate and 9 with COLA
1 month at current rate and 11 with the COLA Jan. - Oct.
2 months at current rate and 10 with the COLA
Begin counting for next 12 months
1 month at current rate and 11 with COLA
SS: $759.63 x 1.6%= $12.15
$759.63 + $12.15= $771.78 (new amount of SS after COLA increase)
759.63 x 1 = 759.63 + 771.78 x 11 = $8,489.58 + $759.63 = $9,249.21
VA: $106.95 x 1.6% = $1.71
$106.95 + $1.71 = 108.66 (new amount of VA income after COLA increase)
108.66 x 12 = $1,303.92
SSI: $876.00 x 1.6% = $14.00
$14.00 + $876.00 = $890.00 (new amount after SSI increase)
$890.00 x 12 = $10,680.00
Total household income: $21,233.14
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