Social Security update: Direct payment worth $914 arrives in 15 days
Misty Severi
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Supplemental Security Income payments for November will be issued to beneficiaries in just over two weeks and will be worth up to $914 for individual filers.
The next disbursement will be sent out in 15 days, on Wednesday, Nov. 1, and it will be the first of such payments since the end of September. October’s payment went out in September because of a kink in the Social Security Administration’s schedule that resulted in two payments in September. There were no payments in October.
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To qualify for the monthly installments, filers need to be at least 65 and meet specific financial requirements. Some people under the age of 65 could still qualify if they are at least partially blind or have a physical or mental disability that severely limits their daily activities for at least one year or is expected to result in death, according to the SSA.
The amount of money that beneficiaries receive is determined by several key factors, including the filer’s income, living situation, and assets. Individual filers for example, receive a maximum payment of $914 per month.
Eligible couples can also receive payments, which are up to $1,371 per month. Essential persons, those who live with someone receiving SSI and provide them with necessary care, get a lower monthly payment of up to $458. Not every recipient will receive the maximum payment.
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Children could also be eligible for SSI payments if they are at least partially blind or have a physical or mental condition that seriously limits their activities for at least a year. Children could also receive SSI if their parents do not receive SSI benefits or if they have limited income and savings.
The monthly amount of each benefit is expected to rise by 3.2% in 2024, according to the SSA. It will rise by the same percentage for regular retirement payments, which are separate from SSI payments. The regular retirement pay can be received in addition to the Supplemental Security income.