Millions of Americans anticipate their Thursday, February 1, Social Security Supplemental Income 2024 (SSI) cheques. Married couples slated to get $1,415 can expect extra financial help with the highest benefit now $943, up from $914.
Social Security Supplemental Income 2024 (Photo from AS) USA
Social Security and Supplemental Security Income (SSI)
Social Security (SS) and Supplemental Security Income must be distinguished. Social Security pays monthly retirement benefits to 62-year-olds who have worked and paid taxes for a decade. If this doesn’t cover all expenses, people may require other financial options.
SSI, supported by general tax money, helps crippled or blind people and children. Income and resources determine eligibility, with benefits for those below requirements.
SSI is available to 65-year-olds without impairments who meet income standards. Note that increased income reduces SSI payments.
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See your benefits schedule!
SS and SSI beneficiaries should expect better payments in 2024. Social Security retirement benefits are issued on three Wednesdays every month by birthday. Birthdays between the 1st and 10th are paid on the second Wednesday, the 11th to the 20th on the third, and the 21st to 31st on the fourth.
Most SSI payments are made on the first of the month, except holidays. In 2024, Wednesdays in January, February, March, and December provide beneficiaries with a clear payment schedule.
Increased SSI benefits and a clear payment schedule help millions of Americans financially. Understanding Social Security and Supplemental Security Income payment arrangements is crucial for financial planning.
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