Early retirement is something millions of American workers long for. Thus, many of them file at the age of 62. Some may regret having filed so early since their monthly check is too low.
If you are 64 years old and you have a low income, there is something you can do. Social Security recommends 65-year-olds to file for Supplemental Security Income (SSI) if they cannot pay for basic needs.
So, if you are on retirement benefits and your check is too low, you may also get Supplemental Security Income. To get SSI payments you must be at least 65 and many 64-year-olds do not know this yet.
CAN I GET SSI WHILE RECEIVING RETIREMENT BENEFITS?
It is possible for some retirees to qualify for both Social Security and SSI. So, retirees can receive extra money from the Adminsitration. Other ways to qualify are being blind or having a disability.
For your information Social Security will ensure that your income and resources are low. Of course, if you have no money on hand and no other benefits you may also qualify for SSI.
As for the amount of money you can have, SSA stated that it is about $2,000 in your bank account, for example. Couples can have up to $3,000. Parents applying for a child may have these amounts increased by $2,000.
SSI AMOUNTS
If you have a low income, little money, and have just turned 65, you can apply for SSI. The average payment for 65-year-olds and older is about $574.46. This means that if you qualify for this amount you could receive $6,888 in one year.
It is true that there are maximum benefit amounts, but not everyone may receive so much. The largest SSI check is worth $943 in 2024. That is if you are single.
Eligible married couples can get up to $1,415. Essential persons can also receive up to $472 in 2024. Do not put it off and apply if you are 65 and have little money.