SSI coming with an 8.7% COLA boost Here is what you will receive

SSI coming with an 8.7% COLA boost. This is the money you will receive

SSI coming with an 8.7% COLA boost Here is what you will receive.Are you an SSI beneficiary eagerly anticipating the upcoming monthly payment? In less than 48 hours, on November 1, 2023, the Social Security Administration will begin dispatching checks, and the good news is that these payments have seen a significant increase thanks to the 2023 COLA adjustment.

SSI coming with an 8.7% COLA boost Here is what you will receive

In 2022, the maximum monthly SSI payment stood at $841, but with the 2023 COLA increase, eligible individuals can now receive up to $914, marking a substantial boost in financial support.

However, hold onto your hats, because the next COLA increase won’t roll in until December 29, 2023, for SSI beneficiaries, ushering in the 2024 financial adjustments. But remember, these maximum amounts apply to individuals who qualify for the largest check in 2023.

Maximum Amount for Eligible Couples on November 1 Payment

For couples who both qualify for SSI, there’s even more to celebrate. With the 2023 COLA increase, couples can now receive up to $1,371 on November 1, 2023, compared to the previous $1,415 per month. It’s a financial boon for couples who rely on SSI support.

So, as you can see, the maximum amounts vary for individuals and couples who meet the eligibility criteria. Additionally, there are essential persons who qualify for SSI payments, but their monthly maximum amounts are notably lower. In 2023, they can collect payments of up to $458, and this will increase to $472 in 2024.

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But here’s an important reminder: while these maximum amounts sound promising, not everyone receives the full sum. It’s wise to consider the average payment in previous months to get a more realistic idea of what to expect. According to the SSA (Social Security Administration), as of September 2023, the average SSI check for recipients aged 18-64 is approximately $718.87.

Who Qualifies for the November 1 SSI Payment?

To be eligible for the upcoming November 1 SSI payment, you must meet specific criteria set by the Social Security Administration. Only citizens who have filed and received approval for Social Security can receive Supplemental Security Income payments.

To qualify, you must have minimal financial resources. The Social Security Administration will assess the income you receive from earnings every month and examine your bank account to determine your bank balance.

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In addition to having limited income and resources, you must be 65 years old or older to receive SSI payments. Individuals with qualifying disabilities or those who are blind may also qualify for Supplemental Security Income.

Moreover, there’s a surprising bonus—dependent children with qualifying disabilities can also receive SSI checks. As of last September, the average payment for these children was approximately $797.43.

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Keep in mind that residency and citizenship requirements are essential for eligibility. Once you qualify for these payments, there are numerous additional benefits waiting for you. Don’t hesitate to apply now and secure the financial support you need.

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