SSI stands for Supplemental Security Income. It’s a program run by the government to help people who don’t have much money. This includes people who are disabled, blind, or 65 years old and older. The Social Security Administration (SSA) manages SSI.
Who Can Get SSI?
You can get SSI if:
- You earn less than $1,971 a month.
- You are a couple applying for child support.
- You are disabled and meet certain criteria.
You also need to meet specific limits for income and resources. For individuals, the limit is $2,000, and for couples, it’s $3,000. Resources include things like cars and savings.
How Much Money Can You Get?
- Individuals can get up to $943 each month.
- Couples can get up to $1,415 each month.
- If you live with someone, you might get an extra $472.
When Do You Get Paid?
SSI payments are usually sent on the first day of each month. If the first is a weekend or holiday, you get paid on the last business day of the previous month. Here’s the schedule for the next few months:
- July 1: Monday
- August 1: Thursday
- September 30: Friday
- October 1: Tuesday
- November 1: Friday
- December 29: Friday
Cost-of-Living Adjustment (COLA)
SSI payments include something called a cost-of-living adjustment (COLA). This helps make sure your payments keep up with inflation, so you can still buy what you need. The next COLA adjustment will start in January 2024.
How is SSI Funded?
SSI is funded by the general revenues of the US Treasury, not by Social Security taxes. This affects how payments are made and who can get them.
Double Payments in Some Months
In some months, you might get two payments. This happens if the first of the month is on a weekend or holiday. In 2024, you’ll get double payments in June, September, and December.
Additional Benefits
Some people might also qualify for Social Security Disability Insurance (SSDI). If you qualify for both SSI and SSDI, you don’t need to apply separately. However, your total payments can’t be more than the maximum SSI amount.
Key Differences Between SSI and SSDI
| Feature | SSI | SSDI |
|---|---|---|
| Eligibility Criteria | Financial need and disability | Disability and work history |
| Open to | All ages (blind, disabled, 65+) | Disabled workers with work credits |
| Benefit Amount | Fixed, based on living situation | Based on average lifetime earnings |
| Higher Benefits | No | Yes |
| Medicaid Eligibility | Often yes | Typically no |
SSI payments are important for many low-income Americans. Knowing how it works, who can get it, and when you’ll get paid can help you manage your benefits better.
1. What does SSI stand for?
SSI stands for Supplemental Security Income, a program to help people with low income.
2. How much can I get from SSI?
Individuals can get up to $943 a month, and couples can get up to $1,415 a month.
3. When will I receive my SSI payment?
SSI payments are usually sent on the first day of each month, or on the last business day before if the first is a weekend or holiday.
4. What is the COLA adjustment?
COLA stands for cost-of-living adjustment. It helps your payments keep up with inflation.
5. How is SSI funded?
SSI is funded by the general revenues of the US Treasury, not by Social Security taxes.
