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

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

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

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The payment amounts for beneficiaries vary depending on their status. For individuals, the rate for payments is $914 per month. The rate for eligible couples for monthly payments is $1,371. Essential persons, who live with someone receiving SSI and provide them with necessary care, receive a monthly payment rate of $458.

In order to qualify for the payments, recipients need to be at least 65 and meet certain financial requirements. 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 is expected to result in death, according to the administration.

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 the supplemental aid.

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