If you’ve ever wondered how many different SSI payment amounts there are, the answer is a lot! Each beneficiary qualifies for a “personalized” amount. Not everyone receives the maximum payment, nor does everyone receive the minimum. The average payment is estimated to be $698, but if you don’t receive any reduction, it’s because you have no expenses or resources. So, if your question is why some people receive more and some people receive less, we’re here to answer your questions and tell you what will be coming into your account in the coming months!
How SSI payments are calculated
SSI payments vary based on several factors, such as the income and resources of each individual. On average, as we have already told you, an individual beneficiary (one who files taxes alone) receives around $698, although this amount can reach up to $967 if there are no reductions. Couples who file jointly can receive up to $1,450 per month. And finally, those with disabilities or similar will only receive up to $484.
Factors that determine the amount of SSI Are there any dates to keep in mind for December?
Of course! The SSA has already confirmed that the next payment, corresponding to January 2025, will arrive for all beneficiaries on December 31, because the first day is a national holiday, it could cause a delay in payments, so the SSA prefers to get ahead of it, so that no payment will arrive in January because it will arrive on December 31. Write it down!!
- Age and financial situation Those over 65 (most) will receive $575 since many also receive retirement benefits. On the other hand, those under 18 will receive one of the highest amounts at $818.
- SSI also takes into account whether or not you are receiving money from other agencies, so if you are receiving money from other agencies, the amount of money you receive from SSI will likely be reduced.
What other benefits should I take into account?
Remember that for each SSA payment you receive, it will have the COLA included, that “extra” that the state gives us to help us from inflation and so that our pockets don’t notice it. This year, the added amount that remains in each payment to each beneficiary will be 2.5%. So, be very attentive because your payment will come with a slight increase, so manage it well!
How does inflation affect Social Security?
Inflation, in a nutshell, is when the prices of things go up a lot in a short period. This can make the money you have now worth less in the future, because it simply won’t be enough to buy the same things. For example, 15 years ago, $50 could buy you food for several days, and now, that’s practically what you spend every 2 days on food…
Social Security also suffers from this, of course, so they try to “fix” it by adjusting the payments they issue. As we’ve said before, this adjustment is the COLA, which is like an automatic increase that raises Social Security payments every year based on how much prices have gone up.
Without the COLA, many people who depend on Social Security would have to make big sacrifices, like reducing what they spend on food or medicine. So this adjustment is not just a number, but a way to protect those who need it most from the effects of inflation.