If you receive Supplemental Security Income (SSI), you’re eligible for the next payment of $1,415, which arrives on Monday, July 1. SSI helps seniors with limited income and resources. Let’s break down what this means for you.
How Much You’ll Get
SSI payments vary based on your filing status. Individuals can receive up to $943 per month, while couples get $1,415. This amount already includes a 3.2% boost from last year’s cost of living adjustment (COLA).
Future Payments
Next year, if the COLA projection holds at 3.2%, payments could increase to $973 for individuals and $1,460 for couples.
Payment Schedule
Payments are typically made on the first of the month, unless it falls on a weekend or holiday. Sometimes, payments arrive early due to these schedule quirks.
Calculating Your Benefits
Your Social Security benefits are calculated based on your earnings history. The SSA uses a formula to determine how much you’ll receive each month, known as your primary insurance amount (PIA). You can check your earnings history and estimate your benefits by logging into your SSA online account.
Special Payments After Retirement
If you continue working after retirement, certain payments like bonuses or commissions may affect your benefits. It’s important to understand what counts as income after retirement.
Understanding your SSI payments and how they’re calculated can help you plan for the future. Visit the SSA website for more detailed information on your specific benefits and payment schedule.
FAQs
What is Supplemental Security Income (SSI)?
Supplemental Security Income (SSI) is a federal program that provides financial assistance to elderly, blind, and disabled people with limited income and resources.
How much money will I get from SSI?
The amount varies depending on your filing status. For individuals, it can be up to $943 per month, and for couples, it’s up to $1,415 per month.
When do I receive my SSI payment?
SSI payments are usually made on the first of each month, unless it falls on a weekend or holiday, in which case it may arrive earlier.
Will my SSI payment change over time?
Yes, SSI payments can change due to Cost of Living Adjustments (COLA) and other factors. It’s important to stay updated on any adjustments that might affect your benefits.
Can I work and still receive SSI?
Yes, you can work and receive SSI, but your earnings may affect the amount of benefits you receive. It’s essential to report your income to the Social Security Administration (SSA) to ensure you receive the correct amount.