The Supplemental Security Income (SSI) is only for low-income Americans. That's why if you have money at your bank and you have a decent Social Security payment, you may not qualify.
Note that there are maximum quantities. Therefore, some beneficiaries are entitled to receive the full amount, while others receive a reduction. Because many recipients receive retirement or Social Security Disability Insurance, they do not qualify for the maximum SSI quantity.
Social Security's latest monthly snapshot revealed that the average check for everyone SSI recipients is about $674. Those who receive Supplemental Security Income and are under 18 receive the highest average check, $793. But who gets 718 dollars?
THESE BENEFICIARIES RECEIVE $718 FROM SSI
Supplemental Security Income recipients aged 18-64 will get average check value 718 dollars. Therefore, this group of beneficiaries has a reduction of $225. But what are the maximum amounts?
SSI recipients can qualify for 3 different types of maximum amounts. So if you're single, your payment could be as high as $943. Eligible married couples can receive up to 1415 dollars.
Even if it is more money, it is not double the amount of one person. Another option is to get SSI if you are a substantial person. This group of recipients will receive less money.
Principals can receive up to $472. For your information, the Social Security Administration increased the post-COLA amounts for 2024. It was last December 29 that recipients began collecting 3.2% more per month. The previous amounts were $914 (singles), $1,371 (couples) and $458 (principals).
ADDITIONAL INCOME FOR SECURITY PAYMENTS
After the payment on December 29, there was no further verification. It is true that this check was for January. But getting the money up front when you're on a low income can have downsides.
If you're on a tight budget, getting the money three days in advance can mean you spend it faster. Sometimes you have loans and debts to pay. So you have no choice but to spend the money on it.
The the next SSI check will be due on February 1, 2024. There will be no surprise in March and recipients will also receive their payment on March 1. April 1st will be your payment day.
However, you should be careful in May. It is true that you will receive your check on May 1st. But the June payment will be due on May 31st. This is not a bonus or additional payment, so save it for next month's expenses.