The Social Security Administration is introducing a Social Security Supplemental Income this summer, which is news to most Americans. The average monthly SSI payment is $841, which is a significant sum that will help recipients cope with the challenges of the modern American economy.
Even though inflation has finally begun to fall, many American families are still having a hard time. In the coming weeks, millions of Americans will receive a direct payment. If you qualify for federal SSI, you could receive up to $841 per month. However, recipients who have an eligible spouse are entitled to a monthly payment of $1,261 as well. An essential person will get $421.
Who Is Eligible For The SSI Payment?
Individuals can only have up to $2,000 in assets, while couples can have up to $3,000. The next scheduled payment date is August 1; those who aren’t aware of this should make preparations accordingly. The monthly amounts for 2022 are determined by multiplying the unrounded annual amounts for 2021 by the COLA in effect in January of the following year.
“Social Security and Supplemental Security Income benefits for roughly 70 million Americans increased 5.9% in 2022, the largest annual increase since 1982.” #socialsecurity #income (@WFInvesting) https://t.co/TIF1NdOGTn pic.twitter.com/iQvavXqSJH
— MTS Insights (@MTSInsights) July 13, 2022
After obtaining the new, unrounded totals, they are divided by 12, and the resulting fractions are rounded down to the nearest multiple of $1. People need to watch out for scams because there are people who can take a lot of money from people who don’t know what’s going on. Most phone scams involve blackmail or fabricated threats of jail time if the victim does not comply.
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