MILLIONS of Americans have a huge cash boost on the way with new Social Security payments.
Payments for Supplemental Security Income were sent out on Tuesday, March 1st, meaning recipients should have their checks in the mail shortly.
The average SSI payment has increased from $587 to $621 – an increase of $34.
Americans may get more if they live in a state that supplements their federal checks.
Amounts vary by state, but for example New York offers an additional $87 a
SSI recipients are adults and children with a disability or blindness whose income and resources fall below certain financial limits.
Payments are also made to persons aged 65 and over without disabilities who meet the financial requirements.
Read our Live Supplemental Security Income blog for the latest news and updates…
How are SS and SSDI payments determined?
The day you receive payments is determined based on your date of birth.
Those born between January 1st and October 10th can expect to receive their money on the second Wednesday of each month.
Those with birthdays between the 11th and 20th of the month can expect their rewards on the third Wednesday of the month.
Anyone with a birthday between the 21st and 31st of the month can expect to receive their payout on the fourth Wednesday of the month.
Applying for SSI Benefits
You can apply for Supplemental Security (SSI) Income after determining if you qualify for the program.
The Social Security Administration website explains how to apply for benefits.
- Children under the age of 18
- Persons between 18 and 64 years of age
- Persons over 65 years of age
Is it possible to qualify if you receive benefits?
Even if you are currently receiving disability insurance or Social Security retirement benefits, you may still be eligible for monthly SSI payments.
Who is Eligible for SSI?
Anyone can apply for SSI.
The SSI program offers monthly payments to people who are at least 65 years old or who are blind or disabled.
An applicant must have limited income such as wages or pensions.
The person must also have limited resources in terms of things you own.
Who Receives SSI Payments?
The SSI program offers monthly payments for individuals who:
- Are at least 65 years old or are blind or disabled
- Limited income (wages, pensions, etc.)
- Have limited resources (the things you own)
- Are US citizens, nationals of USA or some non-citizens
- Residency in one of the 50 states, the District of Columbia or the Northern Mariana Islands
According to the SSA, children of military parents assigned to permanent service outside the United States are eligible for residency waivers, and certain students temporarily overseas may be eligible for SSI payments.
What is SSI?
Supplemental Security Income (SSI) is a government program that helps people who are unable to make enough money on their own.
Adults with disabilities, children with disabilities and persons aged 65 and over are eligible.
Individuals with sufficient work experience may be eligible for SSI payments in addition to disability or retirement benefits.
Likewise, individuals receive different amounts depending on their other sources of income and where they live.
Income and wealth are important
Your salary and assets determine whether or not you are eligible for SSI.
Individuals cannot have more than $2,000 in assets, while couples can have up to $3,000 in assets.
The higher your income, the lower your SSI payout.
How many people benefit from Social Security?
Social Security benefits currently support 70 million Americans, whether they are elderly or disabled.
Almost nine in ten people aged 65 and over receive benefits, and they account for around 33 per cent of older people’s income.
How COLA is determined
The Consumer Price Index, which tracks the price of certain products and services purchased by households, is a key indicator of consumer inflation from the U.S. Department of Labor’s Bureau of Labor Statistics.
Inflation rose 7% in 2021, the largest annual increase in over four decades.
The 5.9% COLA hike was originally announced in the fall and is the largest increase in SSI payments in over four decades.
What is COLA?
The COLA, or Cost of Living Adjustment, is designed to compensate for recent inflation, and a formula is followed to determine how much the amount increases or decreases each year.
The COLA calculation is based each year on data from the third quarter of the consumer price index for city wages and employees (CPI-W).
If the CPI-W falls or stays the same, Social Security recipients generally do not receive a COLA.
But with the Bureau of Labor confirming a 5.4 percent rate increase for the 12-month period ended September, Social Security and SSI recipients will see a 5.9 percent increase in COLA in 2022.
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