Social Security Supplemental Income 2022 — Direct payments of $841 going out in just weeks – find out the exact date

Social security recipients calling for $200 extra

Some social security recipients are calling for an extra $200 amid fears that the COLA increase will not cover price rises.

Payments this year are 5.9 percent higher than in 2021 following the largest cost-of-living adjustment in nearly 40 years.

The increase came into effect on January 1 as inflation continues to reach record highs across the country amid the supply chain crisis.

When SSI payments were established

Supplemental Security Income payments began in January 1974.

In the 50 states and the District of Columbia, SSI superseded the previous federal-state adult assistance programs.

Each person who qualifies for SSI receives a monthly cash payment based on a statutory federal benefit rate.

Since 1975, these rates have risen by the same amount as OASDI benefit cost-of-living adjustments.

Can you be overpaid in Social Security benefits?

Unfortunately, there is also a chance your Social Security benefits payment could be more than what you’re actually due.

This only happened 0.2 percent of the time in the 2019 fiscal year, AARP reports.

In this case, typically the SSA will notify you of the overpayment and you’ll have to repay it.

But your benefits can be withheld until the debt is settled.

What to do if you’re underpaid in Social Security

More than 70million Americans rely on Social Security benefits each month, so mistakes are bound to happen once in a while.

If you find that you’ve been underpaid, there are actions you can take to rectify the situation.

The Social Security Administration (SSA) defines an underpayment as:

• an accrued benefit amount was not paid,
• a check(s) representing correct payment to a deceased beneficiary was not negotiated, or
• an issued payment was returned or not received

The best course of action if you are, in fact, underpaid, is to alert the SSA as soon as possible by calling 800-772-1213.

The sooner you do so, the sooner the issue can be resolved.

What is the Social Security tax rate?

The tax rate for 2022 earnings sits at 6.2 percent each for employees and employers.

So individuals earning $147,000 or more in 2022 would contribute $9,114 to the OASDI program, and their employer would contribute the same amount, according to the Social Security Administration.

For those who are self-employed, the OASDI tax rate is 12.4 percent.

Do Social Security claimants need to pay taxes?

In January of each year, you’ll be notified of how much you received in benefits during the previous year.

This Social Security benefits statement is a form SSA-1099 and can be used to help you complete your tax return.

By using this form, you’ll find out if your monthly benefits are subject to tax.

If by February you’ve not received this form, or if you’ve misplaced it, you can request a new one using your online Social Security account.

How to apply for survivors benefits, part four

To apply for parent’s benefits, the Social Security Administration states that you need to prove your eligibility by providing the following documents:

• Death certificate of deceased child
• Your birth certificate
• Evidence of your US citizenship or lawful alien status
• Proof of US military discharge papers (if you had military service before 1968)
• Your W-2 forms and/or self-employment tax returns for the previous year

How to apply for survivors benefits, part three

To apply for mother’s or father’s benefits, the Social Security Administration states that you need to prove your eligibility by providing the following documents:

• Evidence of worker’s death
• Your birth certificate or other documents that verify your birth
• Evidence of your US citizenship or lawful alien status
• Proof of US military discharge papers
• Your W-2 forms and/or self-employment tax returns for the previous year
• Marriage certificate
• Final divorce decree (if you are applying as a surviving divorced father or mother)
• Birth certificate of the child

How to apply for survivors benefits, part two

According to the Social Security Administration, to apply for widows/widowers or surviving divorced spouse’s benefits, you need to prove your eligibility by providing the following documents:

• Evidence of the worker’s death
• Your birth certificate or other documents that verify your birth
• Evidence of your US citizenship or lawful alien status
• Proof of US military discharge papers (if you had military service before 1968)
• Your W-2 forms and/or self-employment tax returns for the previous year
• Final divorce decree (if you are applying as a surviving divorced partner)
• Marriage certificate

How to apply for survivors benefits, part one

According to the Social Security Administration, to apply for child’s benefits, you need to prove that the child is eligible for benefits by providing these documents:

• Proof of the worker’s marriage to the child’s natural or adoptive parent if the child is the worker’s stepchild
• The child’s birth certificate or other proof of birth or adoption
• Proof of the child’s US citizenship or lawful alien status if the child was not born in the US
• W-2 forms and/or self-employment tax returns if the child had earnings the previous year
• If the worker is deceased, proof of the worker’s death and US military discharge papers

Types of survivors benefits

According to the Social Security Administration, there are five types of survivors benefits:

• Child’s Benefits
• Widows/Widowers or Surviving Divorced Spouse’s Benefits
• Mother’s or Father’s Benefits (Only if you can show proof that you have a child below the age of 16 or disabled)
• Parent’s Benefits (Only if you can show proof that you were dependent on your child before he or she died)
• Lump-Sum Death Payment

Survivors benefits explained

According to the Social Security Administration, Social Security survivors benefits are paid to widows, widowers, and dependents of eligible workers.

As a result, your family members may receive survivors benefits when you die, only if you were working and paying into Social Security.

However, you are eligible to receive survivors benefits when a family member dies, based on their earnings.

It should however be noted that the deceased family member should have worked long enough to qualify for benefits.

SSI payments on weekends

The first of the month is when Supplemental Security Income benefits are paid.

Payments will be made on the Friday preceding the first unless the 1st occurs on a weekend.

Congress members must pay into SS

Starting in January 1984, all members of Congress, the president and vice president, federal judges, and most political appointments were covered by the Social Security program.

They contribute to the system in the same way that everyone else does, according to the SSA.

Since January 1984, all members of Congress have been paying into the Social Security system, regardless of how long they have been in office.

Changes to come with new SSI bill, conclusion

“To address this barrier, the asset and income limits for SSI should be updated and simplified,” said the report, according to Marca.

“A reformed SSI program would play a crucial role in expanding economic opportunity and mobility for people with disabilities.”

According to the Social Security Administration website, eligible individuals might earn up to $841 in 2022, while couples could get up to $1,261.

Changes to come with new SSI bill, continued

The proposed plan, according to CNBC, will raise the asset restrictions for individuals from $2,000 to $10,000 and for couples from $3,000 to $20,000, Marca reports.

The JPMorganChase Policy Center research states, “The SSI program should be updated and reformed to incentivize individuals with disabilities who are able to work to seek employment without the risk of losing their economic security.

“Promising proposals call for raising monthly SSI benefits to 100% of the federal poverty level and boosting asset limits to $10,000 for individuals and $20,000 for couples and families with disabled children, updating outdated income rules for inflation, and eliminating the penalty for married couples.”

Changes to come with new SSI bill?

Senators Sherrod Brown (D-Ohio) and Rob Portman (R-Ohio) have presented a measure to increase the resource limit for Supplemental Security Income (SSI) eligibility in the US, according to Marca.

The SSI program provides financial assistance to handicapped persons with low income, but its tight asset limitations have not been modified since 1989.

Brown told CNBC: “It doesn’t make sense for SSI’s rules to punish Americans for saving for emergencies.”

“Our bipartisan bill would update the outdated rules for the first time in decades and allow beneficiaries to save for emergencies without putting the benefits they rely on to live at risk.”

Break-even calculator tool

A helpful tool to determine the right age for retirement is by using a Social Security break-even calculator.

This gives you secure access to information based on your earnings history and interactive tools that are specifically tailored to you.

How remarriage affects SSI

If you are getting remarried, your SSI payment amount may change as a result of your new spouse’s income and resources.

If you and your new spouse both get SSI, your payment amount will change from an individual rate to a couple’s rate.

To determine the SSI benefit amount a couple is eligible to receive, their combined countable income is deducted from the federal benefit rate.

The result is then divided equally and paid to the couple in separate checks. 

How many people benefit from Social Security?

Social Security benefits currently support 70million Americans, whether they’re elderly or disabled.

Nearly nine out of 10 individuals aged 65 and older receive the benefits, and they make up around 33% of the income of the elderly.

What is the maximum monthly amount?

In 2022, the maximum federal SSI payout for an eligible individual is $841 per month.

The amount is $1,261 per month for an eligible individual with an eligible spouse.

The monthly cost for an essential individual is $421.

States that supplement Social Security

Some types of state supplement payments are administered by the Social Security Administration, but these states are responsible for administering supplement payments:

Some states offer more SSI payments

Some states contribute to the total amount payable to SSI recipients.

That means depending on the state you live in, you may receive a supplemental payment in addition to SSI from the federal government.

The SSI Benefits website shows which states pay a supplement to people who receive SSI.

When were SSI payments established?

Supplemental Security Income payments began in January 1974.

In the 50 states and the District of Columbia, SSI superseded the previous federal-state adult assistance programs.

Each person who qualifies for SSI receives a monthly cash payment based on a statutory federal benefit rate.

Since 1975, these rates have risen by the same amount as OASDI benefit cost-of-living adjustments.

Age 65 was common for retirees in Europe

By the time the US adopted social insurance in 1935, the German system had established the retirement age of 65, the SSA said.

However, when the Committee on Economic Security (CES) advocated age 65 as the Social Security retirement age, this was not a prominent factor.

This judgment was not made on the basis of any intellectual theory or precedent in Europe.

It was essentially pragmatic in nature and derived from two origins.

One was a general comment regarding the predominant retirement ages in the few private pension systems that existed at the time, as well as the 30 state-run old-age pension systems.