Next week, an important Social Security payment will be made, so keep an eye on your bank account! Thousands of people who get Supplemental Security Income (SSI) will receive a check for $943. Couples who qualify will get up to $1,415 in monthly benefits.
What is Supplemental Security Income (SSI)?
The federal SSI program started in 1972 to help disabled or elderly people with limited money and resources. As of December 2022, 7.5 million people were receiving SSI benefits. This program is for people earning less than $1,971 per month. Parents and couples applying for child support might get more money.
Who Can Get SSI?
To get SSI, you must meet the income and resource limits set by the Social Security Administration (SSA). These limits include things like cars and bank accounts. For individuals, the cap is $2,000, and for couples, it’s $3,000. If a parent applies for a child, the cap can increase to $2,000. The SSA has an online tool to check if you’re eligible and help you start your application.
How to Apply for SSI
When you apply, the program will record your intention to submit an application and give you a safe filing date. The application process takes about five to ten minutes. If your application is accepted, your Social Security payment will start on this filing date.
When Do You Get Your SSI Payment?
SSI beneficiaries usually get their payment on the first of the month unless it’s a weekend or federal holiday. In that case, payments are made on the previous business day. Retired workers and SSDI recipients receive their payments based on their birth date, usually on the second, third, or fourth Wednesday of each month.
Here is a schedule for 2023:
- April 1st: Monday
- May 1st: Wednesday
- June 1st: Friday
- July 1st: Monday
- August 1st: Thursday
- September 1st: Friday
- October 1st: Tuesday
- November 1st: Friday
- December 1st: Friday
Can You Get Both Social Security and SSI?
Yes, many people who get SSI also receive Social Security benefits. In 2022, about 33% of SSI recipients also got Social Security. This means nearly 2.5 million retired people and disabled workers received both types of payments. SSI benefits for age start at 65, so people taking early retirement Social Security at ages 62 to 64 can’t get age-based SSI benefits until they turn 65.
How Are SSI Benefits Calculated?
If you’re getting Social Security benefits, your SSI amount is determined by subtracting $20 from your Social Security payment. For every dollar of Social Security payment after the $20 is deducted, there’s a one-dollar SSI benefit deduction. If your Social Security benefit is too low, SSI can increase your total payout.
Someone with no wages, a poor earnings history, or work history not recognized by Social Security might receive the same total combined income from SSI and Social Security as someone earning around $1,000 per month until they turn 65.
SSI and Social Security benefits provide essential support to millions of Americans. It’s important to know if you’re eligible and understand how the payments work. Future articles will look at larger reforms to help improve economic stability for low-income seniors.
Q: What is SSI?
A: SSI stands for Supplemental Security Income, a federal program that helps disabled or elderly people with limited money and resources.
Q: How much can I get from SSI?
A: Individual recipients can receive $943, and couples can get up to $1,415 in monthly benefits.
Q: When do SSI payments come?
A: Payments usually come on the first of the month, unless it’s a weekend or federal holiday. Then, payments are made on the previous business day.
Q: Can I get both Social Security and SSI?
A: Yes, many people receive both. In 2022, 33% of SSI recipients also got Social Security benefits.
Q: How do I apply for SSI?
A: You can use the SSA online tool to check your eligibility and start your application. It takes about five to ten minutes.