Beneficiaries of Supplemental Security Income (SSI) will soon get a second payment that reflects increased salaries.
The new cost-of-living adjustment (COLA), which has increased to 5.9%, is to blame for this.
The following check will be sent to SSI claimants on February 1st.
Due to the holiday schedule, the new payments for SSI beneficiaries that reflect COLA began on December 30, 2021.
An increase in income that keeps up with inflation is referred to as a cost-of-living adjustment.
It is determined using information from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks changes in the price of well-known products and services.
As a result, the average SSI has gone up by $34 to $621 from $587. This amounts to $7,452 a year.
The Social Security Administration estimates that the individual monthly limit for SSI in 2022 will be $841, or approximately $10,092 on an unrounded yearly basis.
The maximum monthly benefit for couples will be $1,261, or $15,136.93 on an unrounded yearly basis.
Remember that the national rate of inflation is still rising, so for some claimants the rise may not seem like much.
The Social Security Administration (SSA) administers SSI, which is designed to assist persons over 65, as well as those who are blind or handicapped and have little to no income.
Who is eligible?
Your income and assets will determine whether you are eligible for SSI.
Individuals must have no more than $2,000 in assets, while married couples may have up to $3,000 in assets.
Additionally, the amount of your SSI payment decreases as your income rises.
Seniors can apply for both Social Security and SSI, which should not be mistaken.
Because many eligible youngsters don’t have jobs, benefits are claimed to be higher for them.
If they are eligible for both SSI and Social Security, people who claim Social Security often get smaller SSI payouts.
More than 7.8 million Americans were receiving SSI payments, the SSA said in July.
You may start the application procedure and finish a significant portion of it on the SSA website if you want to apply for SSI.
For further information or to schedule a meeting with a social security representative, contact 1-800-772-1213 toll-free.