In October, just 23 days from today, millions of Americans are set to receive up to $1,415 as their payment for Supplemental Security Income(SSI). In the U.S, a lot of people depend on the social security payment made by the Social Security Administration (SSA) for survival because it provides basic financial aid to those with no limited income and resources. It primarily assists older individuals, those who are blind or disabled, helping them afford most fundamental needs such as food, housing and medical care. Hence, this monthly payment is sometimes the only additional source of income for most beneficiaries who cannot work multiple jobs as a result of age and disabilities. SSI payment increases with increment in the cost of housing and medical care among others which makes life difficult.These amounts ensure stability thus preventing many Americans from becoming impoverished. Most people in the U.S would lack basic needs in their daily life if there was no such assistance.
How much can you receive as your SSI payment
The amount you receive as your Supplemental Security Income (SSI) payment varies from one person to the other based on several factors, such as your income, living arrangements, and whether you have additional sources of income. Currently, the Social Security Administration (SSA) sets a federal base rate for SSI payments at $914 per month for an eligible individual and $472 for essential persons.
To determine your payment, the SSA evaluates your “countable income”. This includes money you earn from working, Social Security benefits, pensions, and any funds generated from other sources of income that belong to you. The more countable income you have, the lower your SSI payment will be. This is because the SSI is designed to fill the gap between your countable income and the maximum federal benefit rate. Certain amounts of income, like the first $20 of most income and the first $65 of earnings, are not counted, which can help boost your SSI payment.
Additionally, the amount you receive also depends on how you live, for instance, if you live on your own or with a family member or in a nursing home. The SSA takes into consideration these different factors to make sure that it pays the amounts that are reasonable with respect to your financial situation in order to cover your basic needs.
Who will receive $1,415 as SSI payment by October
In 2024, couples filing for their SSI jointly will receive $1,415 in October, just 23 days from today. Other beneficiaries such as eligible individuals and essential persons will receive $943 and $472 respectively according to the SSA.
How to receive SSI payment
These are the ways you can receive your SSI payments:
- Direct deposit: Your payment can be deposited directly inside your bank account when you opt for this method. This method is more secure and fast ensuring that you get your payment on the scheduled date.
- Checks: You can opt to get your SSI paychecks delivered to you via mail every month. However, this method usually takes more time as there could be postal delays, plus, after receiving your check you will still need to go through the additional stress of going to cash the check in a bank.
Also, if you experience any delays in your payment days after your due date, contact the SSA for further assistance.
