Supplemental Security Income payments are sent every month to United States citizens with the greatest financial need. This help sent by the Social Security Administration is intended to provide extra money for Americans who have less monthly income. The amount of the benefit depends on the income of each inhabitant.
In this sense, we can say that the lower our monthly income, the higher our Supplemental Security Income check will be. However, there are more requirements to qualify for this benefit. Just having a low income is not enough to qualify for monthly SSI.
However, there are thousands of United States citizens who do not apply for Supplemental Security Income because they do not know they can. So check to see whether or not you can apply for this financial help so that you can receive extra money every month. Every little bit of help is always welcome so that you can pay all your monthly expenses with less difficulty.
HOW TO INCREASE THE SUPPLEMENTAL SECURITY INCOME?
There are two main ways to increase Supplemental Security Income. The first of these ways is not up to us. We are talking about the COLA. The Cost of Living Adjustment (COLA) is a way for the neediest citizens to fight inflation. Each year, the government raises both Social Security and SSI through the COLA.
The percentage of money that each monthly check increases depends on many different factors. Throughout the year, the government takes inflation into account and in October announces the percentage increase in benefits. In this current year, 2023, the increase was a record high, as we were up to 8.7%. However, everything seems to indicate that by 2024 we will have an increase of around 3%.
The other way to get a Supplemental Security Income increase is to reduce our monthly income. Although having a higher SSI may seem like a good thing, it is actually the opposite. And that’s because if the Social Security Administration increases our check, it means we have less money each month.
So even if you don’t get the maximum check of $914 with Supplemental Security Income at first, you could still get it in the future. But that, as we’ve already discussed, is not the best news.
The next Supplemental Security Income payment will be double in September. During this month, we will have two SSI payments. On the one hand, the 1st payment for September. On the other hand, on the 29th of this same month, the Administration will send the checks for October. So we could receive up to 3 different SSA checks if we also have a retirement pensioner.