In the United States, the timing of payments from the Social Security Administration is very important. Many retirees only get one such benefit. For that reason, there are some Americans who have to know when they will get each of their checks.
Thus, getting such a check can be a relief for these retirees. Not everyone can have that extra $500 a month, but those who can will get it in just a few weeks. This will be the first of the payments that will be sent by the Administration in March.
So, if you are in this group of beneficiaries you will get one of these payments. But not all of the checks that the Administration sends out for this benefit is for $500. That amount is the average amount. So some retirees might even get more money from this extra benefit.
Retirees getting an average of $500 extra in March
To get one of these checks we must have Supplemental Security Income accepted. This extra benefit means having a monthly payment that retirees get with joy, since thanks to this money they can have better economic stability.
While it is true that retirees can request this check, it is not mandatory to be retired in order to get it. The Social Security Administration has two requirements for this benefit. By fulfilling the requirements we will have the money available.
The first requirement is to be 65 years of age or older. The second requirement is to have low monthly income and low resources. With those two requirements met, we can apply to the Social Security Administration for one of these monthly checks.
How can I increase my Supplemental Security Income?
The maximum Supplemental Security Income payment for retirees and other beneficiaries is $943. This makes it possible for Americans to get almost $1,000 extra every month. So we should pay attention to see if we can apply for it.
Although it is interesting to get $1,000 a month, the truth is that the amount depends on monthly income. The higher the monthly income, the smaller the SSI check. The Supplemental Security Income payment can increase or decrease if our monthly income increases or decreases.
So the average check is $500, but some retirees will have a higher Supplemental Security Income and others a much lower one. The important thing to know is that it arrives on the 1st of each month and in March we will have the payment on that day.