SSI is Supplemental Security Income. This is a benefit for low-income families, so if you qualify for a large Social Security pension or impairment check, you are not eligible.
In addition to having a low income, you must have a qualifying disability or be at least 65 years old or blind. Both adults and children with disabilities can receive it SSI payments in the US.
Receiving SSI you may have other benefits and may be considered categorically eligible for other benefits. This is because your income has already been means tested and they know you are low income.
SSI PAYMENT IS DUE FEBRUARY 1ST
Social Security usually sends Supplemental Security Income payments on the first day of the month. However, there are exceptions. For example, the last January check arrived on December 29.
When it comes to managing your finances, it's vital to know your payments and expenses in advance. That way, you can stick to your budget and keep saving.
Having an emergency fund when you're on a low income can be more difficult. However, it is possible if you focus on achieving it. Disability benefits have increased by 3.2%.
That way, if you set aside that extra 3.2% each month, you'll have an emergency fund until December 2024. For example, if you received $674 in December 2023, you received an average payment. In your January payment, you may have received about $21 extra. Over 12 months, that's about $250 extra.
AMOUNTS OF SUPPLEMENTARY INSURANCE INCOME
A COLA increase benefits everyone Supplemental Security Income beneficiaries. Following the 3.2% increase, the new maximum amount for eligible married couples is 1415 dollars. If you are single, your check will be lower.
One person gets SSI may receive a check to $943. Note that the previous maximums were $1,371 and $914, respectively, before the cost of living adjustment increased.
SSI can also send money to important persons. In this case, payments are only up to $472. In fact, the lower your payment, the lower your COLA increase appears.
If you don't have enough money and you receive additional Social Security payments every month, you can also apply for I click Benefits. This Supplemental Nutrition Assistance Program can help you save money on food.