There is more money available for seniors looking for extra money to live on.
Supplemental Security Income (SSI) is for seniors who qualify and is worth up to $841 a month.
Nearly eight million Americans get SSI and you can get Social Security at the same time.
Like Social Security benefits, SSI payments are also larger in 2022 to reflect a 5.9% cost of living (COLA) adjustment to keep pace with inflation.
The increase comes at a time when millions of people are looking for more money like inflationary reached 7% in the year to December. This is the highest level since 1982.
Existing SSI recipients begin receiving new payment December 30, 2021.
That’s because the regular SSI payment date is the first of the month and January 1, 2022 is a holiday.
SSI payments for January are always made by the end of the previous December.
What is SSI?
The Supplemental Security Income (SSI) Program is a federal program that provides monthly payments to adults and children with disabilities or blindness whose income and resources are below specific financial limits.
SSI payments are also made to those 65 years of age and older without a disability who meet the financial eligibility criteria.
You may be eligible to receive monthly SSI payments even if you have already received it Social Security disability insurance or retirement benefits.
How many SSI can you get?
Not everyone gets the same additional guaranteed income profit amount.
You may get more if you live in a state that adds money to your federal SSI payment.
You may get less if you have other income like wages, pensions or Social Security benefits.
You may also get less if someone pays your household expenses or if you live with a spouse and that person has income.
The maximum monthly federal SSI amount for 2022 is $841 for an eligible individual.
For an eligible individual with an eligible spouse, the amount is $1,261 a month.
For a needy person, the amount is $421 a month.
As a result of COLA, SSI payments have average increase of $34 to $621 one month. This equates to $7,452 per year.
Who is eligible for SSI?
The SSI program offers monthly payment for people 65 years of age or older or blind or disabled.
The applicant must have limited income, such as salary or pension.
That person must also have limited resources in terms of the things you own.
You must be a US citizen, US citizen or some non-public person.
You must also live in one of the 50 states, the District of Columbia, or the Northern Mariana Islands.
The exceptions to this are the children of military parent(s) assigned to active duty outside the United States and certain students who are temporarily abroad. SSI payments outside the US.
Plus, much more about Increase COLA for Social Security beneficiaries.
https://www.the-sun.com/money/4448085/social-security-claimants-ssi-extra-cash/ Social Security claimants can get an extra $841 a month in other benefits