$1,450 SSI Payment 2024: Know Payout Dates, Amount

$1,450 SSI Payment 2024 Know Payout Dates, Amount

The Supplemental Security Income (SSI) program is designed to help the elderly, blind, and disabled who have limited income and resources.

In 2024, SSI payments will be adjusted to reflect a 3.2% Cost-of-Living Adjustment (COLA), increasing many recipients’ monthly payments.

Some recipients in states such as California may receive a $1,450 monthly payment as a result of state supplements.

If you are one of the millions who rely on SSI, knowing how much you will receive, when payments will arrive, and how to apply can make a big difference.

$1,450 SSI Payment 2024

Key Information Details
Federal SSI Payment (Individual) $914/month
Federal SSI Payment (Couple) $1,371/month
State Supplements (Example) California: $1,450/month
2024 Cost-of-Living Increase Payments are typically issued on the 1st of the month or the nearest business day
Eligibility Criteria Limited income and resources, age 65+, or disability
Maximum Income for Individuals $1,133/month (in 2024)
Maximum Resources for Individuals $2,000 (for individuals)
Payout Schedule Payments are typically issued on the 1st of the month or the nearest business day
Official SSA Website Social Security Administration

The Supplemental Security Income program provides critical financial assistance to those in greatest need, such as the elderly, blind, and disabled. The program’s payments increased in 2024 to help recipients cope with rising living costs.

Understanding how much you’ll receive when payments arrive and how to apply is critical to getting the most out of your benefits. Follow the steps outlined in this guide to ensure a successful application and avoid common pitfalls.

$1,450 SSI Payment 2024: Know Payout Dates, Amount
Source (Google.com)

What is SSI and How Does it Work?

Supplemental Security Income (SSI) is a federal assistance program administered by the Social Security Administration.

Unlike Social Security Disability Insurance (SSDI), which is for people who have worked and paid into the system, SSI is intended for people with limited income and resources who are 65 or older, blind, or disabled.

In 2024, SSI recipients will see a 3.2% increase in benefits to help them keep up with rising living expenses. Many will receive a federal payment of $914 per month for individuals and $1,371 for couples.

However, many states provide additional payments (state supplements), which can significantly increase the monthly payment. For example, recipients in California could receive up to $1,450 per month.

Why the $1,450 Amount?

The $1,450 figure is a state supplement for residents of certain states, such as California, where the state contributes to the federal SSI payment.

Most other states only provide the federal SSI amount, but those in California, New York, Alaska, and a few others receive a higher payment due to state supplements.

It’s important to note that these supplements are state-specific, so not everyone will receive the higher amount.

Source