The Social Security Administration announced that beneficiaries will have only a few weeks until the new rule governing the SSI benefits application process takes effect.
Each year, around 70 million people get Social Security benefits, with others qualifying for Supplemental Security Income (SSI) if they are handicapped or elderly and meet certain eligibility requirements. One of the eligibility requirements is that Americans earn no more than $1,971 per month to qualify for the benefits.
However, regulations are gradually evolving. As of September 30, food benefits will no longer be counted as SSI-eligible income under the new rules. This means that people will no longer be refused Social Security benefits under programs like the Supplemental Nutrition Assistance Program.
The New Rule Will Modify the SSI Benefits as we know Them
According to Alex Beene, a financial literacy lecturer at the University of Tennessee at Martin, the decision to remove food aid from eligibility may increase the number of people who can get SSI benefits while simultaneously providing more support to those who already do.
This was reported in Newsweek. He also stated that food has historically been considered unearned income, reducing the amount of SSI assistance beneficiaries get. As a result, eliminating it as a consideration in eligibility will assist provide additional monies to those people whose benefits had previously been lowered.
Furthermore, the amount of benefits you are eligible for may be decreased if food and housing benefits are considered unearned income under existing laws.
The new regulation may enable more Americans to get SSI payments each month, or it may raise the maximum amount that current beneficiaries can receive. Keep in mind that the average monthly payment is $943, but with recent changes to the nutrition benefits law, that figure may rise.
The rise in payments might have a substantial impact on SSI users, given the national inflation rate was 2.9% in July. This year’s Social Security benefits increased by 3.2% due to the cost-of-living adjustment (COLA). Regardless, experts warned the elderly and individuals with disabilities not to expect such a large COLA next year.
According to lagradaonline, The American Association of Retired Persons (AARP) predicts that next year’s COLA, which accounts for inflation, will be between 2.75 percent and 3.25 percent.
Even before the reduced cost of living adjustment (COLA) was expected, economists expressed concern that the current COLA methodology did not adequately account for rising elder costs.
According to Jonathan Price, National Retirement Practice Leader at benefits consulting firm Segal, and his statement to Newsweek, whether a retiree’s annual COLA is appropriate to maintain the same purchasing power as the previous year is heavily influenced by his or her specific circumstances, including expenses and other sources of income.
When Will Participants Receive Their Next SSI Benefit?
The Social Security Administration follows a year-round payment schedule for all programs. Understanding these criteria is crucial for preventing mistakes because the current color scheme makes it impossible to match dates and programs, making it simpler to assume incorrect payment dates.
The SSI payment process is easier and more concise than other programs; users who received benefits before May 1997 received their payments on the third of the month, which is a significant difference. Here are all the confirmed payment dates for the last half of the year:
| Month | SSI Payments Date | Advanced Payment |
| August | August 1st | August 29th (September 1st) |
| September | – | – |
| October | October 1st | October 31st (November 1st) |
| November | – | – |
| December | December 1st | December 31st (January 1st) |
Beneficiaries should be aware that SSI benefits vary depending on their income and resources, as well as the filing type they choose when applying.
For example, if an applicant applies as an individual and meets the financial conditions, he or she might get an average of $698 and a maximum of $943.
Furthermore, couples who meet the income and resource requirements may receive up to $1,415 in monthly benefits, while all beneficiaries meeting the essential person (EP) criterion may receive an additional $472 per month.