Unlocking Bonus Benefits: Identifying Recipients of Dual Social Security Payments this Week
American Social Security beneficiaries are in for a treat at the end of the week, with some fortunate individuals receiving double payments. Here’s all you need to know if you’re wondering if you’re one of the lucky ones.
Individuals who qualify for the Supplemental Security Income (SSI) program and those who have applied for the Social Security retirement program upon reaching full retirement age (FRA) will receive the double payment.
The SSI program offers monthly cash assistance to individuals with limited income and medical disabilities.
In 2024, the highest monthly SSI payments will be $943 for individuals, $1,415 for couples, and $2,590 for recipients who are blind.
Retirees under the Social Security retirement program typically receive an average benefit of $1,845.
However, those who decide to retire at age 70 can receive a maximum benefit of $4,873.
March 2024 Benefits Schedule and Self-Sufficiency Tip
– Retirement and SSI benefits (for those born before May 1997): March 1st
– Retirement and SSDI benefits will be distributed on the 2nd Wednesday (March 13th), 3rd Wednesday (March 20th), and 4th Wednesday (March 27th).
The Social Security Administration (SSA) manages various programs such as Social Security Retirement Benefits, SSI, and Social Security Disability Insurance (SSDI) to support American citizens.
If you are seeking to attain self-sufficiency, a Plan to Achieve Self-Support (PASS) is a detailed plan to secure a particular job or launch a new business.
This plan enables individuals to qualify for a higher income limit without having their savings subtracted from their SSI resource limit.
If the SSA approves it, the funds used for the plan will not impact SSI eligibility.
The Following Are Eligible for a Pass:
– Qualifying for SSI due to disability despite having no income or assets.
– Already meeting the requirements for SSI but receiving reduced payments due to income.
– Utilizing a PASS to reach employment objectives that could potentially lower or remove benefits from SSI, Social Security, or both.
Individuals can use the PASS to pinpoint their work objectives, outline the necessary steps and resources, and determine the funds needed to accomplish them.
This may involve income or assets like wages from a current job or savings, but not SSI benefits.
This comprehensive information is intended to offer clarity and assistance to American citizens as they navigate the intricate world of Social Security benefits and programs.
