The Social Security Administration said that people who get SSI benefits will only have a few weeks to apply before the new rule about how to apply for benefits starts to take effect. Every year, about 70 million people get money from Social Security.
Some of them can also get Supplemental Security Income (SSI) if they are disabled or older and meet certain requirements. One requirement is that Americans must not make more than $1,971 a month in order to be eligible for the payments.
On the other hand, the rules are slowly changing. From September 30, this new rule says that food stamps will not count as income for SSI. This means that people will no longer be turned down for Social Security payments through programs like the Supplemental Nutrition Assistance Program.
The new rule that will change the SSI benefits as we know it
Alex Beene, an expert in financial literacy at the University of Tennessee at Martin, says that the decision to remove food stamps from the list of things that qualify people for SSI benefits might make it possible for more people to get benefits and help those who already get them more.
Newsweek wrote about this. He also said that food has long been seen as “unearned income,” which means that people who get SSI payments get less of it. So, getting rid of it as a factor in qualifying will help some people who used to have their benefits cut get more money.
It’s also possible that the amount of benefits you can get will go down if your food and housing benefits are seen as extra income by the government.
The new rule might make it possible for more Americans to get SSI benefits every month, or it might raise the most that people who already get benefits can get.
Remember that the normal monthly payment is $943, but that amount could go up now that the law for feeding benefits has been changed. Since the national inflation rate is 2.9% as of July, the benefit raise could have a big effect on people who get SSI.
This year, Social Security payments went up by 3.2% because of the cost-of-living adjustment (COLA). Experts told seniors and disabled people not to expect such a high COLA next year, no matter what.
The American Association of Retired Persons (AARP) says that next year’s COLA, which takes inflation into account, will be between 2.75 and 3.25 percent.
But economists were already worried that the current cost of living adjustment (COLA) method did not fairly account for higher costs for seniors even before it was known that the COLA would go down.
According to Segal’s National Retirement Practice Leader, Jonathan Price, in an interview with Newsweek, a retiree’s annual COLA may or may not be enough to keep their purchasing power the same as the previous year. It depends on a lot of factors, such as their expenses and other sources of income.
When will beneficiaries receive their next SSI benefits?
The Social Security Administration keeps all of its services on a yearly payment schedule. It’s important to understand these criteria to avoid making mistakes, since the current color scheme makes it impossible to match dates and programs, which makes it easier to guess wrong payment times.
When it comes to payments, SSI is easier and clearer than other programs. People who got benefits before May 1997 get their payouts on the third of the month, which is a big difference. Here is a list of all the confirmed payment dates for the second half of the year:
| SSI payments | SSI payments date | Advanced payment |
| August | August 1st | August 29th (September 1st) |
| September | – | – |
| October | October 1st | October 31st (November 1st) |
| November | – | – |
| December | December 1st | December 31st (January 1st) |
The amount of income and resources a person has, as well as the filing group they choose when applying for SSI, can change their benefits. If someone applies as a single person and meets the financial standards, for example, they could get anywhere from $698 to $943.
Couples who meet the requirements for income and resources may also get up to $1,415 a month in benefits. Also, everyone who meets the criteria for an important person (EP) may get an extra $472 a month.
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