Social Security Update: Direct deposits worth $914 in 16 days will work out to $914 per filer.
The next payment will be sent on Wednesday, November 1st, with the first payment starting on Friday, September 29th. Due to scheduling issues with the Social Security Administration, the October payment was sent in September. Payment will be made in September. Since October 1 is a holiday, payment is not made in October.
To be eligible for monthly payments, applicants must be 65 years of age or older and meet certain financial requirements. Some people under age 65 may also qualify if they are at least partially blind or have a physical or mental disability that limits their daily activities for at least a year or is expected to cause death, the SSA said.
The amount the beneficiary receives is determined by many factors, including the sender’s income, living situation, and assets. Private filers can be paid up to $914 per month.
Eligible couples can also receive monthly payments of up to $1,371. Seniors who live with an SSI recipient and provide necessary care for them can receive a lower rate of up to $458. Not all beneficiaries will receive the maximum payment.
Children can also benefit from SSI payments if they are at least partially blind or have a physical or mental disability that limits their activities for at least one year. Children can also receive SSI if their parents do not receive SSI benefits or have low income and savings.
According to SSI, all social assistance fees are expected to increase by 3.2% by 2024. Regular pensions, which are separate from SSI payments, will also increase at the same rate.