Social Security update: Direct payment worth $914 arrives in eight days

Supplemental Security Income beneficiaries will receive November’s monthly installment from the Social Security Administration in just over one week, and it will be worth up to $914 for individual filers.

The November payment will be sent out on Wednesday, Nov. 1, and will be the first Supplemental Security Income payment since the end of September. October’s payment went out in September because of a kink in the SSA’s schedule that resulted in two payments in one month.

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Recipients must be at least 65 and meet certain financial requirements to qualify for the installments. Some people under the age of 65 could qualify for the payments if they are at least partially blind or have a physical or mental disability that severely limits their daily activities for at least a year or if the condition is expected to result in death, according to the administration.

The amount of money each beneficiary receives is determined by several factors, including the filer’s income, living situation, and assets. Individual filers can receive up to $914 per month.

Couples who file jointly can also receive the monthly payments, which are worth up to $1,371 for couples each month. Essential persons, who live with someone receiving SSI and provide them with necessary care, can get a lower monthly payment of up to $458.

Children could also be eligible for SSI payments if they are at least partially blind or have a physical or mental condition that seriously limits their activities for at least a year. Children could also receive SSI if their parents do not receive SSI benefits or if they have limited income and savings.

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The monthly amount of each benefit is expected to rise by 3.2% in 2024, according to the SSA. It will rise by the same percentage for regular retirement payments, which are separate from SSI payments. Regular retirement payments can be received in addition to Supplemental Security Income.

Not every recipient will receive the maximum payment, and filers can check how much they should expect through the SSA’s calculator.