2023-10-29 20:13:40
According to the Social Security Administration (SSA) next Wednesday, November 1, beneficiaries of Supplemental Security Income (SSI) They will begin to receive their payments worth up to $914 dollars.
However, the exact amounts for each beneficiary will depend on several factors such as the amount of income, living situation, and assets of the recipient.
How much is the SSI amount?
According to the SSA, Individual SSI beneficiaries receive a maximum amount of $914 per month and couples receive up to $1,371 dollars each month, essential people also receive a check for $458 dollars, these are for those who care for an SSI beneficiary.
COLA 2024 increases
On October 12, the Social Security Administration (SSA) announced the new Cost of Living Adjustment (COLA) 2024 which stood at 3.2% This will generate an increase in payments for retirees and Social Security beneficiaries.
It is estimated that this adjustment is $50 dollars, which will come into effect as of January 1. In this sense, the payments of some 66 million retirees and 7.5 million people associated with the SSI will be as follows:
Retired workers: $1,893.74 dollars, that is, $55.16 dollars more. Disabled workers: $1,389.92 dollars, this is $40.48 dollars more. Survivors: $1,497.70 dollars one $43.62 dollars more. Spouses: $918.06 dollars, which represents $26.74 dollars more.
These figures are just an average of what the increase is expected to be with the adjustment.
When will payments with the increase begin to be sent?
Payments to retirees and SSI beneficiaries will begin to be sent with the new increase on the following dates:
January 3, 2024: Payments to beneficiaries who began receiving their benefits before May 1997. January 10, 2024: Payments for Retirees with a date of birth between the 1st and 10th. January 17, 2024: Payments for retirees with a date of birth of birth between the 11th and 20th. January 24, 2024: Payments for retirees with a date of birth between the 21st and 31st.
The payment of Supplemental Security Income (SSI) beneficiaries will be made on December 29, 2023 since January 1, 2024 is a holiday.
Who can qualify for SSI payments?
Americans who wish to be part of the federal Supplemental Security Income program must meet some requirements such as: be 65 years old, have a disability or mental condition that limits your life or daily activities and financial income at or below the federal poverty level.
Children may also be eligible for these payments if they also have a disability or mental condition that limits their life and daily activities. According to the entity, if parents receive SSI benefits and are low-income, their children can qualify immediately.
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