The Social Security Administration has confirmed the next payments of up to $4,555 and some lower amounts of up to $914. These amounts will depend on the check you are eligible for.
For example, if you are on Social Security retirement benefits, you can collect a payment of up to $4,555. Supplemental Security Income (SSI) amounts are up to $1,371 for married couples and $914 for a single individual.
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Although it is true that some beneficiaries can collect both Social Security payments, not all beneficiaries qualify. Let’s see the citizens that are eligible for these two monthly payments in November 2023.
WHO QUALIFIES FOR THE FIRST SOCIAL SECURITY CHECK?
November 1, 2023, will be the payday for those who got their application accepted for SSI (Supplemental Security Income). In general, to be eligible you must be 65 years old or older, have a disability, or be blind.
It is true that some dependent children may have a qualifying disability, so they can also receive money from SSI. Essential persons are also SSI beneficiaries but their checks are just up to $458 in 2023.
As most of you might have heard about a new increase in your benefits, you need to know that they will not arrive in November. Thanks to the 2024 COLA, there will be a 3.2% boost. Actually, it is a much lower growth in Social Security benefits than with the 2023 COLA.
It was the highest COLA in many years since it reached 8.7%. Although the Administration will not include the new COLA until January, there is an exception. SSI beneficiaries will cash the 2024 COLA jump on December 29. Bear in mind that it is the payment from January but in advance, since New Year is a holiday.
WHO IS ELIGIBLE FOR THE NOVEMBER 3 PAYMENT FROM SOCIAL SECURITY?
Not surprisingly, SSI beneficiaries may ash their retirement benefit on November 3. For your information, Social Security pays on the third of November retirement benefits to those who are also on SSI.
Supplemental Security Income (SSI) is a program that provides money to people who have disabilities.
Children 18 and under may also qualify for SSI benefits, depending on your household’s income. Find out if you’re eligible for SSI and how to apply. https://t.co/vfejIgOvia pic.twitter.com/DLZVMaVsTK
— USAGov (@USAGov) October 6, 2023
Do not worry because there is one more chance to collect retirement benefits on November 3, 2023. According to Social Security, they will also send payments to retirement beneficiaries who received checks before May 1997.
Therefore, there are two types of candidates for checks of up to $4,555. If you filed at 62, the maximum amount is 2,572 dollars in 2023. Those who filed at Full Retirement Age can collect payments of up to $3,627.
Generally, retirees do not get so much money since this is just a supplement to their savings and investments. Average checks can be about $1,841 as of September 2023.
If you collect just retirement checks, it would be advisable to apply for SSI. Since you can get both checks, it could be a fantastic way to cash more money every month. Of course, having a low income is mandatory. If you have not filed for retirement, watch the government’s video to learn more about planning.