For a large portion of Americans, the Social Security Administration has only one type of benefit. But not only the retirement or disability benefit is the only payment the SSA makes on a monthly basis. In addition, there is also Supplemental Security Income (SSI), which helps people with low Social Security to live well each month at a good economic level.
For this reason, it is important for everyone to know that this type of benefit exists. It is true that this financial benefit is only available to some, but you may have it available and not apply for it because you are not aware of its existence. Although the rules for changes are the same as with Social Security, there are some things to keep in mind about SSI, so let’s take a look at them.
Aspects to keep in mind about SSI for August 2022
To begin with, let’s look at who can currently apply for SSI. Individuals applying for SSI from the Social Security Administration cannot have more than $2,000 in active assets. Things like a first home or a car do not count. Money in a bank account is considered active, savings accounts are not. You must also be enrolled in Social Security and be paid no more than $861 as a single or $1,767 as a couple.
The COLA changes, on the other hand, do not take effect in August 2022. But SSI will see an increase early next year. When Social Security increases for COLA, so will SSI, going up the same percentage for both. Still it must be remembered that this increase is being made so that retirees do not lose purchasing power, not to increase their wealth.
When are Social Security SSI payments made in August?
The August Social Security SSI payment was last August 1. If you have not yet received your payment, it means there is a problem with your SSI. In that case, contact your local office to resolve any questions. You can also log in to My Social Security to see if your information is correct. This account is free and to set up a new one you only need your Social Security number.
Remember that the SSA sends your SSI payment on the 1st of each month. If the 1st of the month is a holiday or weekend, you will receive this Social Security benefit on the immediately preceding business day. Since it can take up to 3 days for the money to arrive, try to be patient when you do not receive it automatically.