Each year United States citizens may see an increase in Social Security benefit checks. This increase also affects Supplemental Security Income checks. Benefit payments generally increase through COLA. The federal government’s calculation of benefit increases depends on inflation and price increases.
For that reason, each year the Social Security benefit ceiling is highly dependent on the overall situation in the country. While it is true that Social Security payments, including Supplemental Security Income, try to keep up with inflation, it is sometimes not enough. Prices go up every year and the COLA adjusts benefits for the previous year’s increase. As a result, in the following year this increase may not be enough.
Even so, knowing what the SSI limit is is key if you want to get the best financial planning possible. For this year 2023, the limit increased by a record high, as the COLA caused all Social Security payments to increase by 8.7%. This means that every retiree has that increase automatically.
Maximum Supplemental Security Income in 2023
The first thing to keep in mind when looking at the maximum amount of Supplemental Security Income in 2023 is that every citizen has a different amount. This means that not all beneficiaries receive the same amount of money. The current maximum is $914, but we will not all receive the same amount.
Each Supplemental Security Income case is completely individual. Since there is no minimum amount, SSI recipients can receive up to $914, but they can also receive $600 or $250. It all depends on each situation. So you can get up to $914, but that doesn’t mean your SSI check will be $914.
Eligibility for SSI in 2023
In order to get Supplemental Security Income in 2023, you have to meet two main requirements. These two requirements are essential, so if you don’t meet them, you won’t be able to apply for this Social Security check.
The requirements to apply for Supplemental Security Income are:
- Be 65 years old or have a disability.
- Have low income and low economic resources.
If you meet these two conditions, you can apply for this Social Security benefit. The amount you receive in each monthly Supplemental Security Income check depends on the second condition.
Each check is unique, so keep this in mind when you apply. To see if you are eligible for this benefit, you can use Best Tool, a useful application to determine if you are eligible for this check.
When does Social Security send out a Supplemental Security Income check?
Every month the Social Security Administration sends out a check for Supplemental Security Income on the 1st. There are a few exceptions. In months when the 1st of the month is a holiday or weekend, the check will be mailed on the immediately preceding business day.
In these cases it is possible to receive up to 2 payments of this benefit in the same month. However, even if we receive the payment earlier, the check is for the following month. Therefore, we do not get extra money, but we get it a little in advance.
Remember to activate Direct Deposit for both Supplemental Security Income and any other Social Security payment. It is the fastest way to receive these types of federal payments.