The Supplemental Security Income benefit is a check that the Social Security Administration sends out every month to the neediest people throughout the United States. Every citizen who receives one of these checks is because he or she meets a couple of basic requirements. For that reason, the moment a citizen fails to meet one of the requirements, he or she may lose Supplemental Security Income.
The conditions imposed by the Social Security Administration to grant the Supplemental Security Income benefit are very strict. As such, any citizen who no longer meets them will not be able to collect SSI. However, it is possible to cash the same check again in the future as long as the situation is the same.
Thus, retirees and other citizens can receive Supplemental Security Income for only a short period of time and then stop collecting it. This means that an American who starts receiving SSI will always receive it. It is a benefit that can be collected at different times without the need for it to become fixed.
How can a retiree lose Supplemental Security Income?
Citizens who want to apply for Supplemental Security Income must meet the following requirements:
- Be age 65 or older or have a disability.
- Have a low monthly income.
- Have low income.
As far as retirees age 65 or older are concerned, the age requirement cannot change. However, the other requirement may vary somewhat. And that is why a retiree could lose the Supplemental Security Income benefit.
Also, the COLA can play a very important role in all of this. While it is true that when determining who can and cannot receive SSI, Social Security looks at each case individually, the COLA can be negative in all cases. Therefore, the COLA must be taken into account in order to know whether our benefit will increase enough to lose SSI.
If so, we may have less money at the end of the month. By losing Supplemental Security Income as a monthly income, the 65-year-old retiree could have a lower income. That is why we should always monitor our income. If we earn any extra money, it could affect our benefits.
What is the maximum Social Security SSI benefit?
The maximum check that the Social Security Administration provides under Supplemental Security Income is $914 per month. However, not all citizens with this benefit are eligible to receive this check. The SSI minimum payment does not exist, so it can be a very low check per month.
Ultimately, the Supplemental Security Income benefit depends on how much money each citizen earns. After determining a person’s income and financial resources, the Administration decides what the final amount of the check will be.
In addition, this check can increase with the COLA, which means that each year this amount increases a little bit. So the maximum $914 in 2023 will become a little more in the next year, depending on what the increase is.