SSI is the Supplemental Security Income. This is a benefit for low-income families so if you qualify for a large Social Security retirement or disability check, you are not eligible.
Apart from having a low income, you must have a qualifying disability, or be at least 65 or be blind. Both adults and children with a disability may receive SSI payments in the USA.
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Getting SSI may have other perks and you may be deemed categorically eligible for other benefits. This is because your income has already been tested and they know you have a low income.
SSI PAYMENT IS DUE ON FEBRUARY 1
Social Security usually sends Supplemental Security Income payments on the first day of the month. Nevertheless, there are exceptions. For example, the last January check arrived on December 29.
When it comes to managing your finances, it is of vital importance to know in advance payments and expenses. In this way, you can stick to your budget and keep saving.
Having an emergency fund when you are on a low income can be tougher. However, it is possible if you focus on achieving it. Disability benefits have increased by 3.2%.
Thus, if you put aside this extra 3.2% every month, you will have an emergency fund by December 2024. For example, if you got $674 in December 2023, you received an average payment. In your January payment, you may have received about 21 dollars extra. In 12 months, that is about $250 extra.
SUPPLEMENTAL SECURITY INCOME AMOUNTS
The COLA increase has benefited all Supplemental Security Income beneficiaries. After the 3.2% boost, the new maximum amount for eligible married couples is $1,415. If you are single, you check will be lower.
A single person receiving SSI can collect a check of up to $943. Bear in mind that the previous maximum amounts were $1,371 and $914 respectively before the cost of living adjustment increased.
SSI can also send money to essential persons. In this case, payments are only up to $472. In fact, the lower your payment is, the lower your COLA boost seems to be.
If you do not have enough money and you get Supplemental Security Income payments every month, you can also apply for SNAP benefits. This Supplemental Nutrition Assistance Program can help you save money on food.