More Money For SSI and SSDI is Coming | JULY 2022 SCHEDULE | Social Security More Money Update

More Money For SSI and SSDI is Coming | JULY 2022 SCHEDULE | Social Security More Money Update
If you received Social Security before May 1997 — or if you’re receiving both Social Security and SSI — then you will receive both your Social Security and SSI payment on July 1. SSI is a need-based program that provides monthly benefits to those who meet the SSA’s definition of disabled, are blind or are 65 and older. Eligible recipients also have low income and limited resources. The SSA says some states and territories may supplement the federal SSI benefit with additional payments as well. For 2022, the federal benefit rate is $841 for an individual and $1,261 for a couple, but the exact amount may vary based on your income, living arrangements and other factors. The maximum SSI amount changes based on cost-of-living adjustments (COLA) that apply to Social Security benefits. Generally, the more income you have, the less your SSI benefit will be – Individuals can’t have more than $2,000 in assets, while couples can have up to $3,000. Social Security and SSDI benefits also go out on the last three Wednesdays of the month, depending on your birthday, but an eligible individual cannot collect the two payments at the same time.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

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