Federal beneficiaries, circle the date: In a mere 25 days, a sumptuous November bonus is headed your way, with eligible individuals set to pocket as much as $914. This substantial payment from the Supplemental Security Income program comes after a quirky calendar hiccup in the Social Security Administration’s schedule led to a double payment in September.
Mark The Date: November’s Payout
On November 1, eligible recipients of the Federal Supplemental Security Income program will witness their bank accounts burgeon. This somewhat prolonged wait is attributable to a unique event: Two checks were disbursed in September. With October 1 falling on a weekend, the subsequent payment landed on September 29.
Eligibility Criteria Social Security Payments
To receive this payment, filers should:
- Be 65 or older.
- Meet specific financial benchmarks.
However, there’s hope for those under 65 as well. Individuals who are at least partially blind or grappling with physical or mental impediments that significantly hinder daily tasks for a year or more (or those expected to be terminal) are also on the list.
Children aren’t left behind either. If they meet the above health prerequisites or if their parents’ income and savings are below a certain threshold (despite not being SSI recipients), they’re eligible for this benefit.
Determining The Payout: Factors at Play
The payout isn’t a one-size-fits-all. Factors like the beneficiary’s income, living expenses, and net worth play a pivotal role. Here’s a quick breakdown:
- Individual filers: Up to $914/month.
- Eligible couples: A handsome $1,371/month.
- Essential persons (those living with and caring for an SSI recipient): A more modest $458/month.
While these SSI payments might seem like the regular Social Security retirement checks, they’re not. Beneficiaries can revel in the joy of receiving both. The Social Security Administration began these payouts in January 1974. Since 1975, they’ve made adjustments to accommodate the rising cost of living.