What is SSI? Supplemental Security Income, also known as SSI, is different from Social Security retirement benefits. As AARP explains, the SSA send the benefits of the SSI, but he doesn’t pay them. While the benefits of Social Security are largely financed by taxes on income, SSI It is funded by the United States Treasury and supplements at the state level.
SSI is intended to help seniors and people with disabilities who fall below a certain income threshold. While there are a variety of factors that influence eligibility, the SSA says that adults or children may have the right to benefits if they have, Little or no income, Few or no resources, A disability, blindness or are 65 years or older.
SSI Maximum Monthly Benefit Amount
The benefit Maximum monthly allowance available for an individual in 2024 is $943, and $1,415 for couples if both parties qualify. The benefits of SSI are different from what is normally known as “disability” or Disability Insurance. Social Security, which is determined based on work history. The SSDI pay benefits to people who have a disability and have contributed a considerable amount to the Social Security, through income taxes, after having worked enough years to qualify. He SSI, on the other hand, does not require a work history.
The Administration of Social Security announced at the beginning of October that the cost of living adjustment (COLA) by 2025 will be 2.5%, a smaller increase than the 3.2% in 2024. Beneficiaries The average will see their monthly payments increase by $50 next year to $1,957, compared to $1,907 in January 2024. The COLA annual objective is to prevent the purchasing power of beneficiaries to be eroded by inflation.
SSI and SSA Payment Dates in November
The people who are beneficiaries of the Social Security, can expect to receive multiple payments in the final months of 2024, with an additional one for some in the month of November. These checks are issued to people based on their date of birth. Those people who were born between the 1st and 10th of any month receive the payment of benefit the second Wednesday of the month. Those born between the 11th and the 20th receive the payment of Social Security the third Wednesday of the month. For people born after receiving the 20th in their fourth Wednesday payment, there are exceptions, which include children and spouses who receive benefits depending on the work history of the recipient direct, those who receive the payment on the same day as the recipient principal.
If someone made the request for benefits before May 1, 1997; your benefit of the Social Security They are paid for by the state you live in; receive a payment of Social Security; or you live outside the United States, you can also receive your payments on the third day of each month. People who receive payments of SSI Due to some disability, age or blindness, they should expect to receive them on the first day of the month. When payments fall on a federal holiday or weekend, they will be issued on the immediately preceding business day.
Social Security calendar for the rest in 2024
- November: Payments will be made on November 13, 20 and 27, and Supplemental Security Income will be received on the 1st and 29th. The additional payment is due to the fact that this year December 1st falls on a Sunday.
- December: Payments will be made on December 11, 18 and 24, and Supplemental Security Income will arrive on the 31st. January 1 would be a holiday: New Year’s Day.
Requests SSI simplified ones coming this year: The previous week, the SSA announced that it is implementing a new, simplified process for Americans to apply for benefits of the SSI at the end of this year. The new online system, called iClaim, will have simpler, plain-language questions aimed at speeding up the process for both applicants and claims processors, according to a statement from the agency.