Social Security update: Direct payment worth $914 arrives in 18 days

A single Supplemental Security Income payment for November will be issued to recipients in 18 days and will be worth up to $914 for individual filers.

The next disbursement will be sent out Wednesday, Nov. 1, and it will be the first of such payments since Friday, Sept. 29. October’s payment went out in September because of a kink in the Social Security Administration’s schedule. October saw no payments because Oct. 1 was on a weekend.

SOCIAL SECURITY UPDATE: DIRECT PAYMENT BENEFITS TO INCREASE BY 3.2% IN 2024 DUE TO INFLATION

To qualify for the monthly installments, filers must be at least 65 and meet specific financial requirements. Some people under 65 could qualify if they are at least partially blind or have a physical or mental disability that severely limits their daily activities for at least one year or is expected to result in death, according to the SSA.

The amount of money beneficiaries receive is determined by several key factors, including the filer’s income, living situation, and assets. Individual filers, for example, receive a maximum payment of $914 per month. Eligible couples can receive up to $1,371 per month, and essential persons, who live with someone receiving SSI and provide them with necessary care, get a lower monthly payment of up to $458. Not every recipient will receive the maximum payment.

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 Supplemental payments are separate from the regular Social Security retirement checks and can be received in addition to the retirement income.

The 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 the regular retirement payments.