SSI claimants will receive their next check on Tuesday, February 1. The new payments reflecting the COLA for SSI recipients began on December 30, 2021. A cost-of-living adjustment is an increase in income that keeps up with inflation. It is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The US Sun reports that the beneficiaries will have to cope with record inflation and continuous price-rise in the future.
Individuals should know the details regarding the monthly amount
The maximum benefit for couples will be $1,261 per month or $15,136.93 on an unrounded annual basis. Keep in mind that inflation continues to rise across the country, so the increase may not seem like much to some claimants. The Social Security Administration (SSA) administers SSI, which assists people over the age of 65 and the blind and disabled, who have little or no income. For 2022, the maximum monthly Federal amounts are $841 for an eligible individual, $1,261 for a qualified individual with an eligible spouse, and $421 for an essential person.
Eligibility criteria for Social Security beneficiaries
If you wish to know whether you fit the qualifying criteria of the Social Security Beneficiaries, then you can check the details below. Your earnings and assets will determine your eligibility for SSI. Individuals should not have more than $2,000 in assets to qualify, while couples can have up to $3,000—furthermore, the higher your income, the lower your SSI benefit. SSI should not be confused with Social Security because seniors can receive both benefits. Benefits for eligible children are higher because many do not work; they need to check with concerned officials to receive further information.
Millions benefit from Social Security in the country
Individuals qualifying for both Social Security and SSI will receive fewer SSI payments. SSA reported in July that over 7.8 million Americans receive SSI benefits. If you intend to apply for SSI, you can start the process and complete a large portion of it on the SSA website. The government aims to help retirees, they have a fixed income source and are most vulnerable to price-rise.