SSI Payment For seniors: Social Security has announced a new SSI payment date for seniors over 65 and disabled people who meet the income and resource requirements. An eligible couple may get up to $1,415 per month, while an individual may earn up to $943. An SSI recipient may be qualified for an extra $472 in Social Security benefits if they cohabitate with a significant other.
Although Social Security and SSI are two separate programs with two separate funding sources, the Social Security Administration (SSA) is responsible for managing the SSI program.
Payroll taxes are the source of funding for Social Security payments, while general tax funds are the source of funding for SSI payments. SDI, or Social Security Disability Insurance, is another program that the Social Security Administration runs.
The main difference between SSDI and SSI is that SSDI is only for disabled people who have worked in the past. People over 65 or disabled who are poor can get SSI; they don’t need to have a past of working.
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Who can benefit from SSI?
It’s possible that you can get SSI if you:
- See or can’t move, or are at least 65 years old
- Earn a small amount of money from work, a pension, or other means.
- Have fewer means (things)
- To become a citizen or noncitizen of the United States, you must meet certain conditions.
- A person must live in one of the 50 states, the Northern Mariana Islands, or the District of Columbia.
The Social Security Administration (SSA) has an SSI tool that can help you figure out if you are eligible and start the application process.
The process only takes five to ten minutes, and as you go along, the program will record your intention to submit an application and provide a protective filing date. If your application is accepted, your payments will start on this protective filing date.
It’s important to know that using the SSI tool does not mean that you are asking for benefits. You must apply to the Social Security Administration to get a written decision on your eligibility. After you send in all the required information, the SSA will set up a time for you to apply.
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Maximum monthly income for SSI beneficiaries:
- $1,971 for people whose only source of income is wages
- $963 for people whose source of income is not wages
- $2,915 for pairs whose sole source of income is wages
- $1,435 for couples whose sole source of income is not wages
Resources are assets; these include cash, stocks, automobiles, life insurance, and US savings bonds. Resources are limited to $2,000 for individuals and $3,000 for couples.8
But not every source of income or resource is taken into account when applying. For example, items like your wedding ring and household goods don’t count, nor do your automobile or the house and land you live on. When you apply for SSI, a Social Security official will go over your assets with you. If you are blind or disabled, you must also fulfill additional standards to be eligible for SSI.
How much help can SSI Payment for Seniors provide?
Your highest SSI benefit amount goes up because of federal cost-of-living adjustments (COLA). This is the most latest one, which launched in January 2024 with a 3.2% COLA.
This is how much you can get in SSI benefits with the 2024 COLA:
- 943 dollars for a suitable person (up from 914 dollars in 2023)
- A pair can get $1,415 (up from $1,371 in 2023)
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However, not everyone qualified will get those exact levels of benefits. SSI payments are different for each person. For example, you might get more than $914 if you live in a state that gives extra monthly money help. Your payment might also be less, depending on things like how much income you can count.
As of December 2023, the average monthly SSI payment for people aged 65 and up was $552.29.4.
New Eligibility for SSI applications
Starting in September 2024, people who get benefits will not have to worry about how much meals for friends or family cost. This will increase their Social Security Administration (SSA) benefits. With this plan, Americans who are struggling financially will get the help they need and be sure to get all of their benefits. Even after everyone gets used to the new process, there may still be some misunderstanding. There are two ways to get money from SSI:
- Depositing money into a bank account is the easiest and safest way to get it. Set up a time for ISS or your bank to receive the payment.
- Direct Express Card: The money is sent directly to your Direct Express card at a time that you choose. To use this payment method, you must either sign up online or call the Treasury Department at 1-800-333-1795.
It is significant to remember that a bipartisan plan being considered by Congress would raise asset limitations, which would result in further adjustments for SSI users. The asset restrictions for those who qualify may rise to $10,000 for single people (up from $2,000) and $20,000 for married couples (up from $3,000) under this bipartisan idea.
