MILLIONS of retirees will get their next Social Security payment worth up to $1,657 tomorrow.
The benefits will be sent out to Americans born between the 20th and 31st of the month.
It comes as exact dates for Social Security claimants to expect payments have been revealed, with checks ultimately totaling over $10,000 now available.
The SSI average benefit is $621 per month this year, up by $34 from 2021. This equals $7,452 each year.
The monthly maximum for SSI is $841 per month for an individual in 2022 or totaling about $10,092 a year.
If your birth date is between the first and 10th, the payment will be deposited on the second Wednesday of each month.
If your birth date is on the 11th-20th, it will be deposited on the third Wednesday of each month.
And if your birth date is on the 21st-31st, it will be deposited on the fourth Wednesday of each month.
Read our Supplemental Security Income live blog for the latest news and updates…
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Types of Social Security benefits
Social Security benefits are yearly payments made to elderly Americans as well as individuals with disabilities.
However, there are three different types of Social Security benefits:
- Retirement benefits
- Surviors benefits
- Disability benefits
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Social Security changes: raise for retirees
In October, the Social Security Administration (SSA) confirmed the cost-of-living adjustment (COLA) will increase by 5.9 percent in January.
It means the average 2022 check for a retired worker will increase by $92 – from $1,565 to $1,657 a month.
Meanwhile, a typical couple’s benefits will rise by $154 – from $2,599 to $2,753 per month.
Social Security claimants are usually notified by mail starting in early December about their new benefit amount.
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Social Security changes: earnings limit increase, continued
However, starting from 2022, this threshold will increase to $19,560.
If you reach full retirement age in 2022, you’ll be able to earn $51,960 next year – up by $1,440 from the 2021 annual limit of $50,520.
In that event, $1 is withheld for every $3 earned over that threshold.
If you were born in 1960 or later, your full retirement age is 67. For others, it’s 66 and a specific number of months.
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Social Security changes: earnings limit increase
Social Security claimants can expect a number of changes to their benefits next month.
If you work while collecting Social Security benefits, then your benefits may be reduced, depending on how much you earn.
If your income is more than $18,960 during 2021, the SSA will withhold $1 for every $2 you earn over the limit if you’re below the full retirement age.
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Social Security changes: credit-earning threshold hike
If you were born in 1929 or later, you must earn at least 40 credits over your working life to qualify for Social Security benefits.
This is set at a maximum of four per year.
The amount it takes to earn a single credit goes up slightly each year – and it’ll increase from $1,470 in 2021 to $1,510 in 2022 – a hike of $40.
Meanwhile, the number of credits needed for disability depends on your age when you become disabled.
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COLA’s impact on seniors, continued
According to the Senior Citizens League, healthcare costs and housing costs have gotten 145% percent and 118% more expensive, while COLA’s have increased Social Security checks by just 55% since 2000.
Social Security claimants have lost 32% of their purchasing power, according to a study by the non-partisan group.
But things could get worse next year, according to Seniors Citizens League analyst Mary Johnson.
She said: “It appears that inflation is not done with us yet, and the buying power of Social Security benefits may continue to erode into 2022.”
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COLA’s impact on seniors
The latest data on inflation from the Bureau of Labor shows that consumer prices rose 5.4% in the year to September – a troubling trend for seniors relying on Social Security checks.
Typically, inflation triggers when the supply doesn’t meet the demand – resulting in rising prices across the economy.
Everything in necessities from food to gas has gotten much more expensive.
Furthermore, the Congressional Research Service projects Medicare Part B premiums will spike from $148.50 to $157.70 per month.
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Who is eligible for SNAP?
SNAP, commonly referred to as food stamps, helps low-income people buy nutritious food.
To get SNAP benefits, your household must make under a certain income level. Your household includes everyone who lives with you, buys, and prepares food together.
Resources, such as cash or money in a bank account, also affect eligibility.
Currently, households may have $2,250 in resources or $3,500 if at least one person is age 60 or older or disabled.
If you are between the ages of 18 and 49 and able to work but currently unemployed without dependents, you may only be eligible for SNAP benefits for three months within a three-year period.
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COLA increase and SNAP benefits
Millions of Social Security beneficiaries are getting larger payments in 2022 via the 5.9percent Social Security Administration (SSA) COLA boost.
The increase, though, can have an effect on people who are part of the federal Supplemental Nutrition Assistance Program (SNAP).
The program helps low-income people, and households need to be under certain income levels in order to receive assistance.
Americans on Social Security may be at risk of losing SNAP benefits if their new income level after the COLA boost exceeds the limits.
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How Social Security is funded, continued
The Social Security Administration (SSA) uses your taxes to pay people who are getting benefits right now.
Any unused money goes to the Social Security trust fund, which pays monthly benefits to you and your family when you start receiving retirement benefits.
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How Social Security is funded
Social Security helps retired workers but it also pays benefits to widows, widowers, and children – benefiting more than 64 million people in total.
When you work, you pay into Social Security. The money you pay in taxes isn’t held in a personal account for you to use when you get benefits.
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Inflation triggers affect social security, continued
According to the Senior Citizens League, healthcare costs and housing costs have gotten 145 percent and 118 percent more expensive, while COLA’s have increased Social Security checks by just 55 percent since 2000.
Social Security claimants have lost 32 percent of their purchasing power, according to a study by the non-partisan group.
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Inflation triggers impact social security
Typically, inflation triggers when the supply doesn’t meet the demand – resulting in rising prices across the economy.
Everything in necessities from food to gas has gotten much more expensive.
Furthermore, the Congressional Research Service projects Medicare Part B premiums will spike from $148.50 to $157.70 per month.
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Who is eligible for SSI?
Anyone may apply for SSI.
The SSI program provides monthly payments to people who are at least age 65 or blind or disabled.
An applicant must have limited income, such as wages or pensions.
The person must also have limited resources in terms of things you own.
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What is the maximum monthly amount?
In 2022, the maximum federal SSI payout for an eligible individual is $841 per month.
The amount is $1,261 per month for an eligible individual with an eligible spouse.
The monthly cost for an essential individual is $421.
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Applying for SSI benefits
You can apply for Supplemental Security (SSI)Income after determining if you are qualified for the program.
The Social Security Administration website explains how to apply for benefits.
- Children under the age of 18
- People between the ages of 18 and 64
- People above the age of 65
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Qualifying if you already get benefits
Even if you currently get Social Security disability insurance or retirement benefits, you may be eligible for SSI monthly payments.
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Who receives SSI payments?
The SSI program provides monthly payments to people who:
- Are at least age 65 or blind or disabled
- Have limited income (wages, pensions, etc.)
- Have limited resources (the things you own)
- Are US citizens, nationals of the US, or some noncitizens
- Reside in one of the 50 states, the District of Columbia, or the Northern Mariana Islands
According to the SSA, children of military parents deployed to permanent service outside the US are eligible for residency exemptions, and certain students temporarily overseas may be eligible for SSI payments.
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What is SSI?
Supplemental Security Income (SSI) is a government program that assists persons who are unable to earn enough money on their own.
Adults with disabilities, children with disabilities, and those aged 65 and over are eligible.
Individuals with sufficient job experience may be eligible for SSI payments in addition to disability or retirement benefits.
Likewise, individuals receive different amounts depending on their other sources of income and where they live.
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Recent cost-of-living adjustments
The 2022 COLA is the biggest increase since a 7.4 percent hike in January 1983.
Recent increases according to the Social Security Administration include:
- January 2012 — 3.6 percent
- January 2013 — 1.7 percent
- January 2014 — 1.5 percent
- January 2015 — 1.7 percent
- January 2016 — 0.0 percent
- January 2017 — 0.3 percent
- January 2018 — 2.0 percent
- January 2019 — 2.8 percent
- January 2020 — 1.6 percent
- January 2021 — 1.3 percent
- January 2022 — 5.9 percent
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Taking action on late benefits
If you believe your Social Security check was stolen, you need to contact the SSA office immediately.
If your delay is due to a change in personal information, such as a banking account or address update, call your local SSA office or 1-800-772-1213 (Monday through Friday, 7am – 7pm).
For any other delays, the SSA suggests you wait three business days for your check to arrive.
After that date, you should call the SSA.
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If benefits are late…
The Social Security Administration has shared the 2022 payment schedule.
If you believe your Social Security check was stolen, you need to contact the Social Security Administration office immediately.
If your delay is due to a change in personal information, such as a banking account or address, call your local SSA office or 1-800-772-1213 (Monday through Friday, 7am – 7pm).
For any other delays, the SSA suggests you wait three business days for your check to arrive.
After that date, you should call the SSA.
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Executive order, part three
While the order should be positive for benefit claimants across the US, it’s not yet clear when the measures will be implemented.
The move by the White House came ahead of the holiday schedule of government benefits that was sent to eligible Americans.
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Executive order, part two
A portal for Medicare claimants is also in the works that will target ways they can save money on healthcare and drugs.
“You should be able to apply for Social Security benefits without needing to go to a Social Security office and have Medicare proactively reach out to you with the tools you need to manage your health and save money,” Mr Biden told reporters ahead of signing the order.
Other Americans who get benefits such as food stamps will also find it easier to receive them and to confirm their eligibility and income, Bloomberg reported.
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Executive order on benefits
Americans could get their hands on Social Security, food stamps, and other government benefits faster under a new executive order.
Signed by President Joe Biden late last year, the order will require the Internal Revenue Service (IRS) to call back Americans rather than placing them on hold.
Social Security benefit seekers will also get a new online tool that aims to cut waiting times.
