The beneficiaries could count on a double payment for the month of November and another adjustment in December due to holidays. Supplemental Security Income (SSI), a part of the Social Security Administration (SSA), provides benefits per month to seniors and people with disabilities who have limited financial resources. Normally, payments are issued from the first day of each month. However, when the first day is a weekend or holiday, payments are issued on the immediately preceding business day.
For those people who qualify for the maximum benefit, the payment is $943. However, the actual amount varies depending on various factors, including the person’s income, living conditions, and assets. These variables indicate that the check of each recipient may be different from others.
The COLA Announcement Is Approaching
The Senior Citizens League predicts a COLA of Security Social 2.5% by 2025, down from 2.9%. The Administration of Social Security will make the respective official announcement of the COLA on October 10, with a 2.5% increase that will translate into a $48 increase for the average retiree, whose current benefit is $1,920. The COLA, It is determined by the Consumer Price Index (CPI-W) and applies to benefits starting in January 2025.
Other outside analysts, such as Mary Johnson, have made forecasts of a COLA slightly higher, about 3%. But if we see the information that recently came out of the BLS about the Consumer Price Index, which had an increase of 3.3% in the last 12 months. Indeed, both estimates, even with Mary Johnson’s higher estimate of a COLA of 3%, are still below inflation.
How to Qualify for the Benefits
SSI It helps nearly eight million Americans, including seniors, adults with disabilities, and millions of disabled children. To qualify, the beneficiaries They must meet strict financial requirements. Individuals cannot have more than $2,000 in assets, while couples are allowed up to $3,000.
Among other eligibility requirements for benefits
- Be at least 65 years old, blind or disabled.
- Have limited income and resources
- Be a US citizen or eligible non-citizen
- Residing in the United States, the District of Columbia, or the Northern Mariana Islands
How to Supplement Your Social Security Income
By the uncertainty surrounding the long-term future of the Security Social, it is essential that workers consider ways to supplement their income from retirement. Senior Citizens League Executive Director Shannon Benton recommends starting savings early and investing in savings accounts in retirement, like 401(k) or IRA.
401(k)
And 401(k) is an account of retirement provided by employers, where contributions are tax-exempt. Some Employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for generating savings for the company retirement.
IRA
An individual retirement account (IRA) facilitates another way to start saving for retirement. Unlike a 401(k), and IRA It has nothing to do with your employer, giving you more flexibility in your investment options.
The contributions of IRA Traditional funds are tax-deductible, and the funds grow tax-free until they are withdrawn, at which time they are taxed as income. If payments are late, the Insurance Social advises the beneficiaries Please contact your bank first, as processing delays may be the cause.