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Social Security announces the date of the next SSI payment

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On August 1, millions of beneficiaries will receive their Supplemental Security Income (SSI) payments from the Social Security Administration (SSA), which can be as much as $943 per person, depending on personal circumstances. This assistance is provided to individuals who are living with a debilitating disability that adversely affects their income, according to the SSA.

As we have stated, individuals filing on their own can receive a maximum monthly payment of $943, but couples filing jointly can receive up to $1,415, again depending on their personal circumstances. But it is not just the elderly, blind, or severely disabled who receive benefits; essential persons, individuals who provide necessary care to SSI recipients, are entitled to receive up to $472 as compensation for their services. These amounts, just like regular Social Security retirement benefits, have been subject to a 3.2% increase from the previous year, which is the once-a-year cost-of-living adjustment made to account for inflation.

Eligibility for SSI

SSI is a complex program because it is very circumstance and need based. The amount people receive in benefits is highly personalized and depends on the filing status of beneficiaries and the impact your disability has on your life and income, as well as the resources available to you, your living situation, and whether or not it is a temporary or permanent situation. In the words of the SSA, to be eligible for SSI, applicants must be at least partially blind or have a “physical or mental condition(s) that seriously limits their daily activities for a period of 12 months or more or that can be expected to result in death.

Since your SSI payment is adjusted based on your income and living arrangements, it stands to reason that it will be reduced if your circumstances are more favorable to you, e.g., if you earn money from work, your payment will decrease by about $1 for every $2 you earn. Non-work income, including disability benefits, unemployment benefits, and pensions, can also affect your SSI payments, but in a different way. For every $1 you receive from these non-work sources, your SSI payment will be reduced by about $1.

Your living situation can also play a significant role in determining your benefits. If you live in someone else’s home and do not contribute your fair share for food and shelter, your SSI payment can be reduced by up to $334.33. This reduction is due to in-kind support and maintenance, which refers to necessities, shelter, or both that someone else provides for you. Just like when someone else helps pay your rent, mortgage, or utilities, this support is considered income and can reduce your payment by up to $334.33, depending on the value of the support. If you live with a spouse, their income may also affect the amount you receive from SSI, and children receiving benefits who live with their parents may see their payments reduced based on their own or their parents’ income.

However, alimony and child support are not counted as income if you

– Live alone and pay for your own housing

– Live only with your spouse and minor children, with no outside help for food and shelter

– Live with others, but pay your share for food and shelter

The rules used to be much stricter when it came to food, but the SSA has relaxed the rules around this issue to account for inflation and the cost of food, meaning that friends and family can now provide more support without risking a loss of benefits.

As a final piece of the puzzle, it is important to remember that SSI payments are different from regular Social Security benefits. Receiving Social Security benefits does not automatically qualify a person for SSI payments. The SSA provides a calculator that beneficiaries can use to determine their exact payment amounts.



Read More: Social Security announces the date of the next SSI payment

2024-07-09 21:00:55

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