2022 Supplemental Security Income Payment Update

The IRS has released a schedule showing when millions of Americans will receive their Supplemental Security Income payments.

Social Security benefits, up to $841, are usually sent on the first day of each month.

Couples could pocket up to $1,261 per month this year, while for an essential person, the amount is $421.

About eight million people will receive their next SSI payment on March 1.

SSI recipients include adults and children with disabilities or blindness whose income and resources are below specific financial limits.

Payments are also made to non-disabled people age 65 and older who meet the financial requirements.

Read our Supplemental Security Income live blog for the latest news and updates…

  • Can I be overpaid in SS benefits?

    Unfortunately, there is a risk that your Social Security benefit payment will be more than what is due to you.

    According to AARP, this only happened 0.2% of the time in fiscal year 2019.

    In this situation, the SSA will usually notify you of the overpayment and you will be required to repay it.

    However, your benefits may be delayed until the debt is paid off.

  • What to do in case of underpayment

    With nearly 70 million Americans relying on Social Security income every month, mistakes are going to happen.

    If you think you have been underpaid, there are steps you can take to remedy the situation. An underpayment is defined by the Social Security Administration (SSA) as:

    • the amount of an accrued benefit has not been paid
    • a check or checks for the appropriate payment to a deceased beneficiary have not been negotiated
    • a payment that was provided was returned or not received

    If you are underpaid, contact the Social Security Administration as soon as possible at 800-772-1213.

  • How are SS and SSDI payments determined?

    The day you receive payments is determined by your date of birth.

    Anyone born between January 1 and October 10 can expect to receive their money on the second Wednesday of each month.

    Those with birthdays between the 11th and 20th of the month can anticipate their rewards on the third Wednesday of the month.

    Anyone whose birthday falls between the 21st and 31st of the month can expect to receive their payment on the fourth Wednesday of the month.

  • What is the maximum monthly amount?

    In 2022, the maximum federal SSI payment for an eligible person is $841 per month.

    The amount is $1,261 per month for an eligible individual with an eligible spouse.

    The monthly cost for an essential person is $421.

  • SSI Payment Schedule

    The 2022 payment schedule for SSI is as follows:

    • February 1st
    • 1st of March
    • First of April
    • April 29
    • June 1
    • July, 1st
    • August 1
    • September 1st
    • September 30
    • November, 1st
    • 1st December
    • December 30
  • Apply for SSI benefits

    You can apply for Supplemental Security Income (SSI) after determining if you qualify for the program.

    The Social Security Administration website explains how to apply for benefits.

    • Children under 18
    • People aged 18 to 64
    • People over 65
  • Is it possible to qualify if you receive benefits?

    Even if you currently have disability insurance or Social Security retirement benefits, you may be eligible for monthly SSI payments.

  • Who receives SSI payments?

    The SSI program provides monthly payments to people who:

    • Be at least 65 years old or be blind or disabled
    • Having limited income (salaries, pensions, etc.)
    • Having limited resources (things you own)
    • Are U.S. citizens, U.S. nationals, or certain non-citizens
    • Reside in one of the 50 states, the District of Columbia, or the Northern Mariana Islands

    According to the SSA, children of military parents deployed for permanent service outside the United States are eligible for residency exemptions, and some students temporarily abroad may be eligible for SSI payments.

  • What is the SSII?

    Supplemental Security Income (SSI) is a government program that helps people who are unable to earn enough money on their own.

    Adults with disabilities, children with disabilities, and seniors 65 and older are eligible.

    Individuals with sufficient work experience may be eligible for SSI payments in addition to disability or retirement benefits.

    Similarly, individuals receive different amounts depending on their other sources of income and their place of residence.

  • How many people benefit from Social Security?

    Social Security benefits currently support 70 million Americans, whether elderly or disabled.

    Nearly nine out of 10 people aged 65 and over receive benefits, and they account for about 33% of seniors’ income.

  • Income and assets are important

    Your salary and assets will determine whether or not you are eligible for SSI.

    Individuals should have no more than $2,000 in assets, while couples can have up to $3,000 in assets.

    Also, the higher your income, the lower your SSI payment.

  • How COLA is determined

    The Consumer Price Index, which records the price of certain goods and services purchased by households, is a meaningful indicator of consumer inflation from the US Department of Labor’s Bureau of Labor Statistics.

    Inflation rose 7% in 2021, the largest annual increase in more than four decades.

    The 5.9% COLA hike was originally announced in the fall and is the largest increase in SSI payments in more than four decades.

  • What is the COL?

    The COLA, or Cost of Living Adjustment, is intended to compensate for recent inflation, and a formula is followed to determine how much the amount increases or decreases each year.

    Each year, the calculation of the COLA is based on data from the third quarter of the Consumer Price Index for Urban Wage and Clerical Employees (CPI-W).

    If the CPI-W drops or stays the same, Social Security applicants generally do not receive COLA.

    But with the Bureau of Labor confirming a 5.4% price increase for the 12 months that ended in September, Social Security and SSI recipients will see a 5.9% increase in COLA in 2022.

  • Who is eligible for SSI?

    Anyone can apply for SSI.

    The SSI program provides monthly payments to people who are at least 65 years old or who are blind or disabled.

    An applicant must have limited income, such as salaries or pensions.

    The person must also have limited resources in terms of property you own.

  • Income and assets are important

    Your salary and assets will determine whether or not you are eligible for SSI.

    Individuals should have no more than $2,000 in assets, while couples can have up to $3,000 in assets.

    Also, the higher your income, the lower your SSI payment.

  • Inflation is taking its toll

    Inflation has gotten much worse in recent months as Americans seek to return to normal life.

    The latest inflation data from the Bureau of Labor shows consumer prices rose 5.4% in the year to September – a worrying trend for seniors who rely on security checks social.

    Generally, inflation is triggered when supply does not meet demand, causing prices to rise across the economy.

    Everything needed, from food to gas, has become much more expensive.

  • Inflation Triggers Affect Social Security, Continued

    According to the Senior Citizens League, healthcare costs and housing costs have risen 145% and 118%, while COLAs have increased Social Security checks by just 55% since 2000.

    Social Security claimants lost 32% of their purchasing power, according to the nonpartisan group’s study.

  • Inflation Triggers Impact Social Security

    Generally, inflation is triggered when supply does not meet demand, causing prices to rise across the economy.

    Everything needed, from food to gas, has become much more expensive.

    Additionally, the Congressional Research Service predicts Medicare Part B premiums will rise from $148.50 to $157.70 per month.

Comments are closed.