Can SSI pay extra social security benefits in 2023? 🇧🇷 business news

Social Security is receiving its third biggest cost-of-living adjustment since 1980, with the average check poised to jump $147 in January. But despite this increase, many people may still find themselves struggling to keep up with their living expenses.

Fortunately for some, Social Security retirement benefits are not the only means of support available. Supplemental Security Income (SSI) can provide another monthly check, but the requirements for this are a little more stringent. Here’s what you need to know.

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What is Supplemental Security Income?

Supplemental Security Income (SSI) is a program administered by the Social Security Administration, although it is not funded by Social Security payroll taxes. It is designed to provide extra help to individuals with limited financial resources who meet one or more of the following criteria:

  • They are 65 or older.
  • They are blind.
  • They have a medical condition that prevents them from working and will likely result in their death within a year.

Benefits are also available for children with qualifying disabilities whose parents have limited financial resources to support them.

How much can you get from SSI in 2023?

Maximum monthly federal SSI amounts for 2023 are $914 for an individual or $1,371 for a couple. But not everyone achieves so much. The government looks at your income and resources, such as bank account balances and any investments you have, when deciding how much you will receive. But certain things don’t count against you, including:

  • The first $20 of your monthly income
  • The first $65 you earn working each month and half of any earnings over $65
  • Benefits of the Supplemental Nutrition Assistance Program (SNAP)
  • Shelter of private non-profit organizations
  • Most home energy assistance programs
  • Wages used to purchase items or services needed for work (i.e. a wheelchair for someone with a disability)
  • The house and land where you live
  • Life insurance policies worth $1,500 or less
  • your car
  • Funeral installments and up to $1,500 in funeral funds for you and your spouse

Most other income is considered countable income and may reduce the monthly SSI benefit you receive.

On the other hand, you may get more than you bargained for if you live in a state that supplements federal SSI benefits. Almost all states except Arizona, Arkansas, Mississippi, North Dakota, Tennessee and West Virginia offer some form of SSI supplement. You do not need to order this separately. If you qualify for federal SSI benefits, you will automatically receive any applicable state supplements.

How do you get SSI?

The Benefit Eligibility Screening Tool (BEST) can tell you if you are eligible for SSI, as well as many other government benefits. It’s a simple quiz and doesn’t require you to create a login or share any personal information. Once completed, you should know whether filling out the SSI form is worth it.

If you want to apply, you can do so on the Social Security Administration website or by calling the organization directly. You will need the following information:

  • Your Social Security number
  • Your birth certificate or other proof of your age
  • Information about where you live, such as your mortgage or lease agreement and landlord’s name
  • Payrolls, bank account balances, and other information about your income and the things you own
  • The names of doctors or hospitals visited if you are blind or disabled
  • Proof of US citizenship or eligible noncitizen status
  • Your bank account routing and account number where you want the funds deposited

After the Social Security Administration approves your application, you will begin receiving SSI checks on the first of each month. If you receive Social Security retirement benefits, you will continue to receive them on the second, third, or fourth Wednesday of each month, depending on your birthday.

Even if you don’t qualify for the maximum federal benefit, SSI can still help ease your financial worries. It takes a while to complete the application process, so it’s best to get started as soon as possible if you want to make the most of SSI in 2023.

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Can SSI pay extra social security benefits in 2023? 🇧🇷 business news

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