Can SSI Pay You Extra Social Security Benefits in 2023?
Since 1980, Social Security has experienced three cost-of-living adjustments, with the average check expected to increase by $147 in January.
However, despite this gain, many people would still find it difficult to cover their living expenses. For some people, it's a good thing that Social Security retirement payments aren't their only option for financial assistance.
Another monthly payment option is Supplemental Security Income, but eligibility criteria are a little more onerous.
The Social Security Administration (SSA) oversees the Supplemental Security Income (SSI) program, but Social Security payroll taxes are not used to pay for it.
It's intended to offer additional assistance to people with low incomes who fit one or more of the following descriptions:
They're 65 or older.
They're blind.
They have a medical condition that prevents them from working and is likely to result in their death within one year.
The individual or couple federal SSI maximum monthly amounts for 2023 are $914 and $1,371, respectively. Some people do not, though.
When determining how much you will receive, the government considers your income and resources, including the contents of your bank accounts and any investments you may have.
You don't need to share any personal information or create a login because it's just a short questionnaire. Once it's finished, you'll be able to decide whether or not it was worthwhile for you to complete the SSI application.
You'll begin receiving SSI checks on the first of every month once the Social Security Administration has approved your application.