Whether it is you or your close friend who is getting Supplemental Security Income (SSI) benefits, it goes without saying that you are waiting for the upcoming November payment. In exactly 9 days, the Social Security Administration (SSA) will issue the monthly economic stimulus payment of $1,415. Here’s what you need to understand in order to prepare and keep abreast of the developments regarding your SSI provisions.
Who is eligible for the November SSI Payment?
To receive SSI, you must meet the eligibility requirements set by the Social Security Administration. The program is intended to assist low-income seniors, individuals with disabilities, and blind individuals who have limited financial resources.
Here are the basic requirements:
- Aged 65 or older, or have a qualifying disability or blindness.
- Have limited income and resources (the asset limits are $2,000 for individuals and $3,000 for couples, excluding your home and car).
- Be a U.S. citizen or certain lawful residents.
If you meet these criteria, you should receive your November payment as scheduled.
When will you receive the November SSI Payment?
For individuals depending on SSI, disbursement of the benefits is paramount. The cash benefit for SSI will be paid on the first day of November, 2024. As a rule, payments get disbursed on the first day of every month, but not on weekends or public holidays. This of course does not apply to November, because the 1st of November falls on a work day. Here are two methods you can get your payment:
- Direct deposit: The majority of beneficiaries receive payments via direct deposit, check your bank account on or after November 1.
- Paper checks: For those receiving paper checks, these are posted as soon as the electronic payments are made, however, it may take a few more days for the delivery.
How much will you receive in November?
For 2024, the maximum federal SSI payment is $943 for an individual and $1,415 for a couple. If you are wondering why you might receive more or less than the maximum, remember that the amount varies depending on:
- Your income: SSI is intended for low-income individuals, so any other income you receive can reduce the monthly benefit.
- Living arrangements: If you live with someone who provides you with food or shelter, this could impact the amount you receive.
- State Supplements: Some states provide additional money to SSI beneficiaries, which can raise your overall monthly payment.
Will the Cost-of-Living Adjustment (COLA) affect the November payment?
One question that many SSI recipients have is whether the Cost-of-Living Adjustment (COLA) will impact their November payment. The COLA is an annual adjustment that helps your SSI benefits to maintain its value in the face of inflation. The November SSI payment will reflect the 3.2% COLA increase for 2024.
However, for 2025, the new COLA payment is out. Here is the estimated payment for 2025.
What can you do if your SSI payment has been delayed?
It’s always stressful when your SSI payment doesn’t arrive when you expect it. If you don’t see your November payment by the expected date, take the following steps:
- Check your bank account or mail: Sometimes there are delays in processing or delivery.
- Wait a few business days: Payments can be delayed by banks or the postal service.
- Contact Social Security: If after a few days you still haven’t received your payment, contact the SSA directly at 1-800-772-1213 or visit your local Social Security office for assistance.
Can you work and still receive SSI benefits?
A common question is whether working will affect your SSI benefits. The good news is, yes, you can still work and receive SSI, but your earnings could reduce your benefit amount.
Here’s how it works:
- For every $2 you earn over $85 per month, your SSI benefit is reduced by $1.
- If you have significant earnings, this could reduce or even eliminate your SSI benefits. However, certain work incentives and deductions might allow you to keep more of your benefit if you’re working.
How to check your SSI payment status
Are you curious about the exact date of the next SSI payment? You can easily track your payment by opening your “my Social Security account” online. This tool allows you to:
- See your current benefits.
- See future payment dates.
- Look at your past earnings, and estimate your future payments.
If you want to register, visit the official website of the SSA.
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