This may raise SSI payouts by $131 per month for over 90,000 people, says Social Security

Posted by RC News Team October 2, 2024
This may raise SSI payouts by $131 per month for over 90,000 people, says Social Security

The Social Security Administration says that on October 1, people over 65, disabled, or blind will be able to get a new SSI salary. The October payment will be sent to about 7.5 million people in the US, and for more than 90,000 people, it could go up by $131.

For people who get SSI and are not yet 18 years old, their payment date is October 1. Remember that everyone who gets money—children and adults—gets the same amount, and they can get extra money if they are blind or at least 65 years old. Also, they must not have much money or means.

Which seniors will receive $943 on October 1 from SSI?

his Federal program will send $943 to the Supplemental Security Income recipients who:

  • Get no reductions
  • Qualify for the full amount in 2024
  • Remain eligible and do not break SSA rules

You probably do, though, have other money or earnings on hand. In other words, it will always lower your price. Most people get a bill for $698, but people 65 and older get a bill for $575.

Changes will help poor qualify for Supplemental Security Income
Source usatoday.com

Why could SSI payments be slightly higher in October?

Some big changes have been made to the rules for Supplemental Security Income by the federal government. One example is the In-kind Support and Maintenance that was taken away.

In the past, people who usually got food from someone could get less money because of it. The definition of a household eligible for public assistance has also been changed to include more people who are eligible for SSI payments.

After this change, more low-income Americans may be able to get it. Not only that, but the SSI rental subsidy program will be changed to help even more people. The 2025 COLA will still not go into effect until December 31, 2024.

As of now, the Senior Citizens League‘s COLA prediction is only 2.57%. So, people over 65 who are eligible for $943 could get a payment of around $966 in 2025 thanks to COLA. On October 1, 2024, married people can get up to $1,415*. When the COLA goes up in 2025, it might be $1,450.

Also See:- Changes to California’s Social Security: A list of seniors who will have to follow new rules