Monday, May 29, 2023

Social Security announces more than $900 in new payments

If it is about programs required by the population, it is necessary to mention Supplemental Security Income (SSI). This is a program administered by the Social Security Administration (SSA) aimed at children or adults with disabilities. For their part, these children or adults do not have sufficient resources to meet basic needs such as food, clothing, housing or transportation.

Eligible people receiving this money will not need to demonstrate previous work experience nor will there be an age requirement. This is one of the benefits of the program, as opposed to Social Security or Social Security Disability Insurance (SSDI) benefits.

The first SSI payments were issued by the Social Security Administration in January 1974. In this regard, payment rates for cost-of-living adjustments (COLAs) have increased since 1975. COLA’s job is to make sure that the payments sent by the SSA keep pace with annual inflation.

Already in 2023, the COLA was 8.7%, affecting all Social Security payments, including supplemental income.

Each SSA program has its own payment schedule and SSI payments are received on the first of the month. So, only a few days are left for these beneficiaries to get their cash.

The SSA must consider a potential beneficiary’s net income to determine eligibility and benefit amount. However, the higher a person’s income, the lower their SSI.

Likewise, it should be made clear that on some occasions, income may disqualify people for this type of assistance.

How much money can be received?

There are many Americans who could receive payments in excess of $900.00 USD in the next few days. In other words, most individual SSI recipients receive up to $914.00 each month. Meanwhile, eligible couples will receive up to $1,371.00 USD.

Those in need will also receive a monthly payment of $458.00 USD. These are people who live with someone receiving SSI payments and provide essential care to these recipients.

For late receipt of paper checks, the SSA recommends waiting an additional three business days before reporting the missing payment.

Nation World News Desk
Nation World News Desk
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