Social Security Update : In just two weeks, beneficiaries will receive their November Supplemental Security Income payments, and the good news is that these payments can be as much as $914 for individuals.
The upcoming disbursement is scheduled for Wednesday, November 1st. This marks the first payment since the end of September, as there was a quirk in the Social Security Administration’s schedule, resulting in two payments in September and none in October.
To be eligible for these monthly installments, individuals must be at least 65 years old and meet specific financial criteria. Some individuals under 65 may qualify if they are partially blind or have a physical or mental disability significantly limiting their daily activities for at least a year or expected to result in death, according to the SSA.
Social Security Update Direct Payments
The actual amount beneficiaries receive depends on various factors, including their income, living situation, and assets. Individual filers can receive a maximum payment of $914 per month.
Couples who qualify can also receive payments, which can reach up to $1,371 per month. Essential caregivers living with SSI recipients receive a lower monthly payment of up to $458. Not every recipient will receive the maximum payment.
It’s worth noting that the monthly benefit amount is expected to increase by 3.2% in 2024, according to the SSA. This increase also applies to regular retirement payments, separate from SSI payments.
Children may also be eligible for SSI payments if they are partially blind or have a physical or mental condition severely limiting their activities for at least a year. Children can also receive SSI if their parents don’t receive SSI benefits or if they have limited income and savings.