Home Retirement First Social Security Direct SSI Payments of the Year Worth Up to $914 to Arrive on Wednesday

First Social Security Direct SSI Payments of the Year Worth Up to $914 to Arrive on Wednesday

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The first Supplemental Security Income (SSI) direct payments of the year are set to be paid out on Feb. 1, with qualifying recipients expecting checks of up to $914.

The SSI payments, which are meant to provide income support to people aged 65 and older, blind or disabled adults, and blind or disabled children, normally go out on the first of each month.

But when the first day of the month falls on a weekend or holiday, the Social Security Administration (SSA) sends out the SSI payments on the last business day of the prior month, which is what happened with the January disbursement, which was paid out in December.

Maximum monthly amounts for qualifying individuals are $914, which due to an inflation-related cost of living adjustment has been boosted in 2023 from last year’s $841.

Couples eligible for the SSI are now receiving up to $1,371 per month, up from $1,261 last year.

Essential persons, defined as those who live with SSI recipients and provide them with needed care, receive $458 per month.

Some people will receive less than the maximum amounts, which are reduced by subtracting monthly countable income.

Countable Income

For purposes of calculating the amount of SSI benefit payments, countable income is defined as income or items that an individual receives that can be used to obtain food and shelter. This includes earned income, like wages, earnings from self-employment, or royalties.

It also includes unearned income, which are things like pensions, interest and dividends, and pensions. In-kind income, which is food and shelter that is given for free or for less than market value, also qualifies as countable income.

On the other hand, if someone receives free medical care, or if someone pays that person’s medical bills, this is not considered countable income. What’s more, some items that are considered countable income are excluded from SSI payment calculations.

Exclusions include any refundable child tax credits, $65 of earned income in a given month, and food raised by a household if it is consumed by that household. A comprehensive list of exclusions can be found in a section of the SSI Annual Report.

In general, the more countable income someone has, the lower their SSI payment.

Payments under the SSI benefit program, which replaced the former federal-state adult assistance programs, were first issued in 1974.

First Retirement Payment Arrive In 7 Days

The SSA will start distributing February’s retirement payments starting on Feb. 8

These benefits, which are worth up to $4,555, are disbursed in several waves in a given month, depending on when recipients were born.

The next two waves of retirement payments are scheduled to be sent out on Feb. 15 and Feb. 22, according to the SSA’s schedule (pdf).

The maximum retirement benefit depends on the age a person retires. People who retire at full retirement age in 2023 are eligible to receive a maximum of $3,627. For those who retire at age 62 in 2023, their maximum benefit would be $2,572. As for those who retire at age 70 in 2023, their maximum benefit caps out at $4,555.

People can start receiving Social Security retirement benefits as early as age 62 but entitlement to full benefits comes only when a person reaches their full retirement age. On the other hand, if a person waits until 70 or older to collect the benefits, the monthly amount goes up. remove

For many years, the full retirement age, also known as “normal retirement age,” was 65. But this was changed by Congress in the 1980s because people are generally living longer. Starting with people born in 1938 or later, the relevant legislation gradually increased the retirement age by a few month for every birth year. For those born in 1960 and later, the full retirement age is 67.

The SSA has a guide for checking benefit reductions based on birth year and age at which they start getting benefits.

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