As we reach the midpoint of June, here’s the latest on Social Security payments. On June 1, 2023, a portion of beneficiaries received their Supplemental Security Income payment. The following day, June 2, another group, consisting of individuals receiving retirement benefits and Supplemental Security Income (SSI) simultaneously, received their payments.
Furthermore, on June 14, there was an additional payday specifically for individuals who have been receiving Social Security benefits prior to May 1997. This applies to those collecting retirement or disability benefits and whose birthdays fall within the first ten days of the month.
Expected Arrival Date of Second June Payment for Social Security Beneficiaries
It’s worth noting that Supplemental Security Income beneficiaries will receive two payments during June. The first payment is for June, while the second payment, scheduled for July, will be included as well. In certain instances, Social Security may send payments in advance to prevent any delays that may arise from holidays or weekends falling on regular paydays.
Recipients of Social Security have been notified that the upcoming SSI payments are scheduled to be sent out on June 30, 2023. According to the National Council on Aging (NCOA), individuals aged 65 or older can anticipate an average payment of approximately $553.94 in Supplemental Security Income. However, it’s essential to note that certain recipients who are single may qualify for a higher amount of up to $914.
Great news for married couples receiving SSI: The maximum payment has been raised to $1,371. Moreover, Social Security recognizes the invaluable role of essential persons who care for dependents receiving SSI. To assist these dedicated family members, additional cash payments will be provided. Depending on individual circumstances, essential persons can expect checks of up to $458 to support their crucial caregiving responsibilities.
Eligibility Criteria for Supplemental Security Income (SSI) Collection from Social Security
It’s essential to understand that both children and adults can potentially qualify for Supplemental Security Income. However, adults typically have a greater likelihood of requiring this additional source of income from Social Security, as it is primarily designed for individuals or couples facing financial need.
To be eligible for SSI, individuals must be at least 65 years old, have a disability, or be visually impaired. As previously mentioned, SSI targets low-income individuals, so it’s crucial for your financial resources and earnings to be within the designated limits set by Social Security.
While some noncitizens may be eligible for SSI, generally, U.S. citizenship or national status is required. SSI is accessible in the 50 states, including the Northern Mariana Islands and the District of Columbia. However, it’s important to note that SSI is not available in Guam, Puerto Rico, or the U.S. Virgin Islands. Don’t delay! Take action now and apply to improve your financial situation. Receiving up to $1,371 in SSI payments can make a significant difference in your life.
Who qualifies for a higher SSI payment amount?
- The income limit for SSI recipients is up to $914 per month for an individual or $1,371 per month for a couple in 2023. This includes countable income, such as cash, earnings, and non-cash assistance. Social Security benefits also count as income. However, not all income is counted towards the limit, and there are exclusions and disregard for certain types of income.
- The countable assets for SSI eligibility should not exceed $2,000 for an individual or $3,000 for a couple. This includes cash and financial assets that can be converted into cash but excludes the home, a vehicle for transportation, and household goods. Some assets may be deemed countable if they are owned by a spouse or parent.
Direct payment worth up to $4,555 goes out to millions of Americans this week
Retirees can anticipate receiving their Social Security retirement payments for June today. As you should know so far, the payment distribution is based on the recipient’s birthdate, with different dates assigned to different birthdate ranges. For individuals born between the 11th and 20th of a month, the payment is disbursed on the third Wednesday of the month.
Additionally, monthly payments are distributed on the second, third, and fourth Wednesdays of each month, depending on the recipient’s birthdate. That’s how you get to know when are you receiving your transfer. The initial wave of payments was sent on June 14, and the final round of payments will be transferred on June 28th.
Now, not anyone is receiving the maximum $4,555 benefit. Here’s how the top payments are determined, based on the recipient’s conditions:
- If you decide to retire at the earliest age of 62, you can expect a monthly benefit of up to $2,572.
- By retiring at 67, you can receive a maximum benefit of $3,627 per month.
- If you wait until 70, you’ll be able to receive the full $4,555 transfer every month.
So, the more you wait to retire, the more money you get. This option rewards individuals for postponing their retirement, resulting in a more substantial monthly benefit. This is intended to make the Social Security system more sustainable because, as you delay your retirement, you can add more money in order to receive more when you get that much desired and deserved rest.