In 2022, SSI recipients are to get a $400 payment boost. How much can SSI one get on a monthly and annual basis? Let’s have a look at the fundamentals.
As per the official claims, almost five million claimants already got the benefit last month only. This year due to an increase of 5.9% in COLA (cost of living adjustment), there is a boost in Social Security checks, which is the highest to date. Hence, a more significant sum is expected this year. It is the steepest COLA increase in nearly four decades, resulting in a $92 increase in average checks, from $1,565 to $1,657. COLA considers inflation, which has risen by 5.4 per cent since September, resulting in increased consumer demand.
The unfamiliar with the program should know that SSI, Supplemental Security Income program, was created to provide financial assistance to physically challenged people who fall into specific income groups. It also assists those who are from low-income households and are 65 years old or older with no disabilities.
When does the claimant receive compensation under the SSI program?
The payment schedule for the year 2022 is shared already by the department. In any delays, you need to check the personal information provided. You can inquire about your local SSA office or contact 1-800-772-1213 (from 7 a.m. to 7 p.m. Monday through Friday).
The payment is based on the date of birth. On the second Wednesday of each month, anyone born between the 1st and 10th of the month can expect to receive the sum.
Likewise, if your birthday falls between the 11th and the 20th of the month or between the 21st and the 31st of the month, your payment will be placed respectively on the third and fourth Wednesdays of the month.
Factors go into computing the amount of SSI.
The maximum monthly benefits for an eligible individual are $841 in 2022, $1,261 in 2022 for an eligible married claimant, and $421 in 2022 for an essential person. You can refer to the guidelines of eligibility on the official website.
Monthly sums for the next year are computed by multiplying the current year’s unrounded annual payments by the COLA circulating in January of the subsequent year. After that, the resulting overall sums are divided by 12 and rounded to the next multiple of $1.
Will SSI’s tax collection issues influence future payments?
As per the reports, the Social Security Administration has not collected enough taxes to bridge the deficit left after eligible program members have been paid. As a result, by the time funds are depleting, which must be uplifted with some measures before replenishment. If this trend continues, money will only be enough to cover only 76% of existing payments.
In terms of the impact of future payments, the amount provided would, of course, be reduced. The lesser compensation will impact millions of beneficiaries. If this happens in 2022, the typical pensioner’s monthly check will be lowered to around $1,259 per month.