Social Security Confirms: Monthly SSI Payments Set to Rise by $131 for 90,000+ Recipients!

Millions of seniors over 65, people with disabilities, and blind individuals will get their Supplemental Security Income (SSI) payments starting on October 1st, 2024. That date is particularly important because the Social Security Administration (SSA) is pushing out another round of payments to around 7.5 million recipients nationwide. For tens of thousands, this payment could be up to $131 more, during a time when so many could use the extra cash.

SSI payments are intended to compensate people who are aged, blind, or disabled and are low-income with limited resources. If SSI recipients are still qualified, then everyone, from children to adults, will receive payment on October 1.

Amount

But some recipients will not get the same amount in their SSI check. In 2024, the maximum you could be paid if you qualify for the full SSI payment could be up to $943. However, in order to get this amount, people have to not earn any income reductions and must meet all SSA’s eligibility criteria without breaking any of the rules. However, many of these payments can be reduced by other sources of income or other assets. In fact, the average SSI payment for seniors is $698 and $575 for people age 65 and over.

Eligibility

So, who will receive this $943 payment on October 1? The full amount isn’t available to everyone but those items under the SSI program satisfy requirements. This includes having limited income and resources, as well as meeting at least one of the following conditions:

• Being at least 65 years old
• Being legally blind
• Having a disability that meets SSA’s definition

SSI will also pay adults and children under 18 who qualify because of a disability or blindness on the same day the check is given to adults.

Also Read: Final Social Security Payments Before the 2025 COLA Increase – Don’t Miss Out!

Adjustments

Why are some entitled to more in SSI over October? One of the items the SSA has just changed is the rules for giving people SSI payments, which could give some people an increase in those payments. For instance, they removed the ‘In Kind Support and Maintenance’ rule. Under that old rule, if they regularly received food or shelter from someone else, recipients could have their benefits reduced. This rule change will allow recipients to keep more of their benefits while there is no negative implication for outside support.

A second major change pertains to the definition of a ‘public assistance household’ which allows SSI eligibility to be broader. The change, however, makes it possible for more low-income people to qualify for the benefit. In addition, the SSI rental subsidy policy has been expanded for people living in subsidized housing. While these rule changes won’t necessarily cement mass increases, they do mean more people will now qualify for a slightly higher payment.

Projections

Although the latest Cost of Living Adjustment (COLA) for 2025 won’t be implemented until December 31, 2024, it’s a key factor that will play a role in future SSI payments. With a forecast COLA increase of just 2.57% next year, seniors who currently get $943 monthly in SSI will see their benefits rise to about $966 in 2025, according to the Senior Citizens League. Similarly, married couples who see up to $1,415 on October 1, 2024, might rise to more like $1,450 following the 2025 COLA.

Also Read: Social Security Announces October SSI Payments: Up to $1,415 Coming Soon!

Payment

All SSI recipients who meet the criteria are paid on October 1, except those under age 65. Recipients will be sent their payments directly via direct deposit or by mail (based on the selected payment method). Also, when you don’t get your payment by the expected date, it is important to check with the SSA to make sure you qualify or that there’s no problem with your payment information.

Impact

SSI payments help millions of Americans, including seniors, the disabled and the blind, because they afford critical support at a difficult time in their lives. Keeping eligibility and knowing the rules changes enables recipients to continue getting the help they need. Some hope for financial relief in the coming years comes from modest increases brought by rule adjustments and future COLA changes.

Overall, the SSI payment amounts don’t sound that much, but for those with little or no income and few resources, they really make a big difference. But it’s important to keep on top of these changes to fully take advantage of the benefits available to low-income seniors and people with disabilities.

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