$1,450 direct deposit to be paid next week in the U.S., the Government confirms new SSI amounts through SSA

SSI refers to Supplemental Security Income which functions as a monthly payment across the United States. SSI provides benefits to older Americans who are at least 65 years old and disabled people who are blind and fall within low-income thresholds. Being resourceless confirms eligibility for the benefit program. All SSI and Social Security payments from the U.S. Government will receive a 2.5% increase according to official government confirmation.

However, retirees will have to wait until 2025 to receive this extra money. Only Supplemental Security Income payments will be sent before New Year’s Day with the COLA increase.

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SSI check of $1,450 to be paid on December 31

If you are wondering why the SSI payment will not be delivered to the recipient’s bank accounts on January 1, here is why. Social Security never issues payments on New Year.

Since it is a national holiday, it cannot be a normal payday. SSA schedules payments on business days so banks have time to process payments on time. This is essential when it comes to checks and direct deposits for low-income Americans.

The largest payment will be for eligible married couples on SSI who can get up to $1,450 without reductions. The current amount is $1,415 in 2024. Individuals can receive up to $967, up from $943. An essential person can receive up to $484.

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SSI amounts after the 2025 COLA increase

Unfortunately, not all recipients qualify for full amounts. Therefore, you may receive a much smaller payment. For example, if you are aged 65 or older, you can receive about $575 on average. After COLA, it could become $589.

Under-18s receive about $818 on average in 2024, so it will be about $838 after the Cost-of-Living Adjustment. Those Americans on Supplemental Security aged 18-64 get about $744 on average.

The increased amount through 2.5% COLA will result in $762 being presented to each Social Security Beneficiary. Two payments for SSI benefits will be issued during January 2024 although the payment for January occurs on December 31, 2024 while the schedule for January payments falls on the last day of January and allocates funds for February. 2025 COLA will be incorporated into the scheduled payment checks.

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What are the specific criteria to qualify for the Supplemental Security Income?

The benefit program becomes available to those who reached 65 years or older as well as those who lost their sight or have a disability.

In order to qualify your monthly earnings must stay within specified monetary thresholds. One can work and receive an income up to $2,361 per month which amounts to $28,332 per year through employment. Income from Social Security benefits alongside pensions and unemployment benefits together form an eligible basis for income in the qualification process. Some types of revenue do not qualify for the financial restriction limit.

Your resources should not exceed $2,000 for individuals or $3,000 for couples among your limited assets such as cash and savings accounts along with stocks and land property and vehicles. The house and one automobile along with select other assets do not fall under the count.

The eligibility requirement for receiving public assistance includes being either an American citizen or stateless or possessing lawful alien status. To be eligible you need to maintain your home in the United States either in the 50 states or District of Columbia or Commonwealth of the Northern Mariana Islands.

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