SSI updates 2022: $687 Social Security payments sent out as 2022 check schedule disclosed

Several cash-strapped parents with kids are eligible to get automated monthly Supplemental Security Income payments for an average of $687.

Last month, about five million individuals got SSI checks. The program is intended to assist the elderly, disabled adults, and children.

Checks are typically sent on the first of each month, and individuals who get both social security and SSI are paid on the third.

Benefits worth an average of $687 are available to disabled children living in low-income homes to help parents meet medical expenditures.

Supplemental Security Income (SSI) is a monthly payment program for individuals and children with disabilities or blindness who have income and resources below certain financial restrictions.

SSI benefits are also available to those aged 65 and older who do not have impairments and fulfill certain financial criteria.

If you currently receive Social Security disability or retirement advantages, you may be qualified for SSI monthly expenditures.

Documenting needs for disabled recipients

Additionally, anybody receiving Supplemental Security Income (SSI) due to a disability must disclose the following:

  • If your medical condition improves as a result of starting or stopping work, or as a result of a change in salary or hours worked, or as a result of any change in your Ticket to Employment status, or as a result of any change in your work or Plan to Achieve Self-Support (PASS) expenditures.
  • Notify the Social Security Administration of any changes that may impact your SSI as soon as possible and no later than ten days after the end of the month in which the change occurred.

What happens if you fail to notify us of changes?

According to the federal government, failing to notify the Social Security Administration of changes might result in underpayment or payment delays.

Additionally, the SSA may overcharge you and compel you to repay the money. A penalty of $25 to $100 may be assessed if you fail to report a change or if you report the change more than ten days after the end of the month in which the change occurred.

Not everyone obtains the same SSI amount.

You may qualify for additional benefits if you reside in a state that supplements the federal SSI payment. If you have other sources of income, such as earnings, pensions, or Social Security payments, you may get less.

  • Additionally, you may get less if someone else covers your home bills or if you live with a partner who earns money.
  • Millions of people are receiving an increase in their SSI benefits.
  • Nearly eight million Americans who receive Supplemental Security Income (SSI) will see an increase in their benefits.
  • Monthly payments will be increased to account for inflation-related cost-of-living adjustments (COLAs).

Who is eligible for SSI? 

You must be a US citizen, a US national, or a noncitizen of the United States. Additionally, you must reside in one of the fifty states, the District of Columbia, or the Commonwealth of the Northern Mariana Islands.

Children of military parents deployed to permanent service outside the United States, including some students studying temporarily overseas, may get SSI benefits outside the United States.

The SSI program offers monthly benefits to 65 years old, blind, or disabled.

  • A candidate must have a restricted source of income, such as salaries or pensions.
  • Additionally, the individual must have little material possessions.

When are SSI payments made?

Supplemental Security Income (SSI) recipients get their checks on the first day of each month, regardless of the day. However, due to the holiday schedule, SSI beneficiaries received their first COLA payouts on December 30, 2021.

Must read: How Much Should You Have In Your Checking Bank Account? Check Here

Earnings and assets are important. Your eligibility for SSI is contingent upon your wages and assets.

Individuals must have a net worth of less than $2,000, while couples may have up to $3,000. Additionally, the more you earn, the lower your SSI payout.

What is the 2022 SSI schedule?

The following table summarises the SSI payment schedule for 2022:

  • February 1 – March 1 – April 1 – June 1 – July 1 – August 1 – September 30 – November 1 – December 1 – December 30
  • What is the maximum monthly payment?
  • For 2022, the maximum monthly federal SSI benefit is $841 for an eligible person.
  • Monthly benefit of $1,261 for an eligible person married to an eligible spouse.
  • The monthly cost for an essential individual is $421.
  • January checks were not distributed to recipients.
  • On January 1, 2022, beneficiaries did not receive a cheque due to the holiday schedule.
  • Rather than that, the payments were made on December 30. Two cheques were sent to recipients last month.

What is COLA?

The COLA, or cost-of-living adjustment, is designed to compensate for recent inflation, and an annual formula is used to calculate how much the payment rises or decreases.

EVERY year, the COLA is estimated using records from the Consumer Price Index for Urban Wage Earners.

In general, if the CPI-W decreases or remains constant, Social Security recipients do not get a COLA.

However, with the Bureau of Labor Statistics certifying a 5.4 percent increase in prices for the 12 months ending in September, Social Security and Supplemental Security Income beneficiaries will get a 5.9 percent boost in COLA in 2022.

  • Are you eligible if you get benefits?
  • Also, if you currently receive Social Security disability or retirement benefits, you may still be qualified for SSI monthly expenditures.
  • What is social security disability (SSI)?
  • Supplemental Security Income (SSI) is a monthly payment program for individuals and children with disabilities or blindness who have income and resources below certain financial restrictions.
  • SSI benefits are also available to those aged 65 and older who do not have impairments and fulfill certain financial criteria.

How do I apply?

After determining your eligibility, you may apply for Supplemental Security Income (SSI). The Social Security Administration’s webpage details the application process for benefits.

  • How many individuals get Social Security benefits?
  • Currently, 70 million Americans get Social Security payments, whether old or disabled.
  • Nearly nine out of ten adults aged 65 and over get benefits, which account for around 33% of the elderly’s income.

Who gets SSI payments?

The SSI program pays monthly benefits to at least 65 years old, blind, or disabled.

  • Have a restricted budget (wages, pensions, etc.)
  • Possess scarce resources (the things you own)
  • Are they US citizens, US nationals, or certain noncitizens?
  • A resident of one of the fifty states, the District of Columbia, or the Commonwealth of the Northern Mariana Islands
  • According to the SSA, children of military parents deployed to permanent service outside the United States are exempt from residency requirements. Some students studying temporarily overseas may receive SSI benefits.

Who qualifies for SSI?

Any individual may apply for SSI. The SSI program offers monthly benefits to 65 years old, blind, or handicapped.

  • A candidate must have a restricted source of income, such as salaries or pensions.
  • Additionally, the individual must have little material possessions.

The government’s methodology for calculating the cost of living adjustment (COLA)

  • The COLA is derived from a major indicator of consumer inflation published by the United States Department of Labor’s Bureau of Labor Statistics, the Consumer Price Index, which measures the price of specific products and services purchased by households.

Inflation increased by 7% in 2021, the largest annual rise in over four decades.

The 5.9 percent COLA hike was first announced in the autumn, marking the greatest rise in SSI payments in over four decades.