Social Security update: Cash payment worth $914 to arrive in nine days

Supplemental Security Income beneficiaries will receive their next monthly payment, worth up to $914 for individual filers, from the Social Security Administration in nine days.

The November disbursement will be sent on Wednesday, Nov. 1, and will be the first SSI payment since the end of September. October’s payment went out in September because of a quirk in the SSA’s schedule that saw two payments go out that month.

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Recipients need to be at least 65 and meet certain financial requirements to qualify for the installments. Some people under 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 important factors, which include the filer’s income, living situation, and assets. For example, individual filers can receive up to $914 per month.

Couples that file jointly can also receive payments, which are worth up to $1,371, each month. Essential persons, meaning people 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 also rise by the same percentage for regular retirement payments, which are separate from SSI payments. Regular retirement payments can be received in addition to SSI.

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