Social Security update: Direct payment worth $914 arrives in one week

Supplemental Security Income beneficiaries will receive November’s monthly installment from the Social Security Administration in one week, 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 resulted in two payments in one month.

SOCIAL SECURITY UPDATE: THIRD ROUND OF DIRECT PAYMENTS WORTH UP TO $4,555 ARRIVES IN ONE DAY

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

Couples who file jointly can receive up to $1,371 each month, and essential persons, who live with someone receiving SSI and provide them with necessary care, can get a monthly payment of up to $458.

To qualify for the payments, recipients must be at least 65 and meet certain financial requirements. 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 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 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 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.