Social Security Supplemental Income 2023 — Millions to get new $914 check in just hours – and there’s two more this year
AMERICANS will receive cash in a brand new $914 payment this week.
SSI claimants will cash in their next payment on November 1, after receiving their last check on September 29.
Benefits are only intended to be paid out on the first of each month; however, October 1 occurred on a Sunday.
When the first of the month comes on a weekend or federal holiday, beneficiaries get their payment on the previous working day.
After November 1, the remaining 2023 monthly checks will be mailed on December 1 and December 29.
This year, the maximum SSI payout is $914, or $1,371 for a married couple if both spouses are qualified. The standard payment is $550.
Meanwhile, most states and territories have boosted benefits by up to $120.
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Becoming a SOAR case worker
SAMHSA provides free training to certify individuals as SOAR case workers.
The agency explains what a case manager would do:
"SOAR-trained case managers provide comprehensive SSI/SSDI application assistance for eligible individuals who are experiencing or at risk of homelessness."
"During this process, they also keep in contact with the applicant, the Social Security Administration (SSA) field offices, and state agencies, which are usually called Disability Determination Services (DDS)–federally funded state agencies that work with SSI,"
Anyone can enroll and complete the 20 hours of coursework, but it is geared towards individuals already or planning to work with people applying for SSI and SSDI assistance.
SAMHSA’s SOAR program
Substance Abuse and Mental Health Services Administration (SAMHSA) has a program meant to increase access to Social Security disability benefits called SSI/SSDI Outreach, Access, and Recovery (SOAR).
"The SOAR model is designed to assist children and adults in applying for Social Security disability benefits, including those returning to their communities from jails and hospitals. Youth aging out of the foster care system may apply 180 days before their foster care eligibility will end due to age," explained the program.
Since 2005 the program has aided 45,137 people in achieving benefits.
Other SAMHSA programs include:
Consumer Price Index origins explained
The Consumer Price Index (CPI) was created to determine appropriate pay increases during World War I, a period of rapidly rising prices, according to Encyclopedia.com.
In 1935, the Social Security retirement system was founded.
In the decades that followed, Congress increased Social Security benefits on a regular basis to compensate for slow inflation as assessed by the Consumer Price Index (CPI).
1975 COLA provision means yearly changes
In 1975, Congress adopted a COLA provision that provided automatic yearly COLAs based on the annual increase in the CPI-W.
Prior to 1975, Congress enacted special legislation to boost Social Security payouts.
COLAs in 1975 were calculated using the rise in the CPI-W from the second to the first quarter of 1974.
They were based on increases in the CPI-W from the previous year’s first quarter to the current year’s first quarter from 1976 to 1983; since then, COLAs have been based on the CPI-W from the previous year’s third quarter to the current year’s third quarter.
SSI and SSDI: differences explained
While both help disabled Americans, they are not the exact same programs.
The key difference between SSI and SSDI is the eligibility requirements.
To qualify for SSI, individuals can’t have more than $2,000 in assets, while couples can have up to $3,000.
The SSI income limit is more complicated, but it’s generally the same as the maximum benefit each month.
Various types of payments and earnings don’t count as “income” though, including the first $20 of most income received in a month.
According to the SSA, grants, scholarships, loans, money gifts, income tax refunds, and food stamps, among other things do not count as income for SSI.
Exemptions revealed
The Social Security Administration exempts some things you own, which include the following:
- Life insurance policies with a face value of $1,500 or less
- Your car (usually)
- Burial plots for you and members of your immediate family
- Up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse
- The home and land where you live.
Social Security loophole, concluded
Another way you can gain Social Security benefits without working is through survivor benefits.
These occur when your spouse passes away, and you’ll be eligible for as much as 100 percent of their payments if you’re at full retirement or older.
At age 60 through full retirement age, you’ll qualify for 71.5 to 99 percent of your deceased partner’s amount.
With a disability aged 50 through 59 that goes down to 71.5 percent.
At any age, with a child under age, you’ll see between 16 to 75 percent.
Social Security loophole, part two
Ex-spouses can also apply for the Social Security spousal benefit loophole.
The ex-spousal benefit is only offered to those spouses who were married at least 10 years before they got divorced.
Otherwise, the benefit works roughly the same. You’ll qualify for up to 50 percent of what your ex-spouse receives upon the time you reach full retirement age.
Keep in mind, you must remain unmarried and be at least 62 years old
Social Security loophole, explained
While most believe that you must work a certain number of years in order to accrue Social Security benefits, there is one loophole seniors can use to get money without ever working a day in their lives.
Spousal benefits from Social Security designate up to 50 percent of a partner’s benefit once you reach your full retirement age.
However, if your spouse files for benefits early, you both will receive reduced benefits from there on.
The only exception includes if you are caring for a qualifying child. If that is the case, there will be no reduction in benefits.
If you worked and qualified for your own Social Security account, you’ll receive whichever is higher of the two options.
Countable income for SSI
The Social Security Administration considers countable income to include both cash and cash equivalents during the time period of each month.
The following are considered:
- Money you earn from a job
- Food, shelter, or things you can use to obtain food and shelter
- Certain types of other benefits, such as unemployment benefits
- Support from family and friends
Once you know all your countable income, that amount will be subtracted from your SSI benefit.
Earning limits for SSI, continued
Once eligible for SSI, Social Security keeps an eye on countable income going into your household. That includes both earned and unearned income.
Depending on the amount, your benefits could decrease.
Specifically, they reduce on a dollar-for-dollar basis. So if you have $910 in countable income, you’d only earn the small SSI benefit of $4.
Earning limits for SSI
There are limits in place when it comes to how much money you can earn and still qualify for SSI benefits.
First, the SSI administration looks at your substantial gainful activity.
Those who are either blind or make under a certain amount could be eligible for the benefits, but the substantial gainful activity level changes occasionally.
In 2023, the amount was set at $1,470.
More on your full retirement age
In 1983, Congress created a law to redefine FRA.FRA now works on a sliding scale to adjust for the fact that people are living longer and generally healthier lives.
The current FRA increases a few months for each birth year, until hitting 67 for people born in 1960 and later. This change applies to everyone born in and after 1938.
The Social Security Administration (SSA) provides an online calculator for determining your FRA.
They also provide a retirement age chart.
Understanding your full retirement age
Your full retirement age (FRA), sometimes called your normal retirement age, is the age when you are eligible for full Social Security retirement benefits.
The year and month you reach your FRA depend on the year you were born.
Prior to 1983, no calculation was needed as the normal retirement age was age 65 across the board.
Bring down costs: heating
Although heating costs can rise in the triple digits for some if inflation worsens in the winter – there are a few things you can do to keep expenses under control.
Paul Rhoads, vice president of EnergyPricing, recommends doing these three things to lower your gas bill:
- Shut off appliances when they are not being used
- Turn off the heat when not at home
- Reduce time in the shower to conserve hot water heating
Bring down costs: minimizing takeout
Ordering take-out can be expensive – especially if you do it every day and pay unnecessary delivery fees through delivery apps.
You can avoid this by preparing food at home and eating leftovers for lunch during the week.
According to the personal finance website Money Under 30, you save up to $1,000 annually by eating leftovers.
Also, a study from Forbes in 2018 found that consumers spend five times more on food delivery when compared to cooking at home.
You can cut your grocery bill by buying non-prepared foods, using apps, as well as getting cash back on credit cards and coupons.
Bring down costs: fuel
According to the AAA, gas prices are now sitting at an average of $3.81.
Some ways you can keep your gas prices under control are by ensuring your tires are properly inflated, driving smoothly on roads, and cutting back on mileage.
You can also manage costs by avoiding sitting stationary in park with the car running and watching your speed.
Bring down costs: refinancing
While low interest rates have played a role in driving up inflation, you might be able to use that to your advantage by refinancing.
Refinancing can lower your mortgage payment significantly, which could be helpful to Americans on SSI who need financial relief.
Plus, low-income owners can save up to $3,000 annually by refinancing.
However, keep in mind that keep in mind that mortgage rates have been on the rise recently.
The cons of Medicare
Some of Medicare‘s disadvantages include:
- Medicare costs the federal government almost 18 percent of its overall budget
- Hospital stays can still cost users a lot of money
- The older you are, the more you might have to pay upon enrolling
- Medicare costs taxpayers a lot of money
The pros of Medicare
For Medicare, some of the advantages include:
- It provides coverage for those who typically cannot afford it
- The cost is low compared to other health insurance policies
- Provides access to multiple prescriptions that would not have been previously available to Americans
Medicare parts explained
According to the Medicare website, those parts include:
- Medicare Part A, which covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care
- Medicare Part B, which covers certain doctor's services, outpatient care, medical supplies, and preventive services
- Medicare Part D, which covers the cost of prescription drugs as well as shots/vaccines
Understanding Medicare
Medicare, not to be confused with Medicaid, is a national federal health insurance program.
The program began in 1965 under the Social Security Administration and has since been administered by the Centers for Medicare and Medicaid Services.
While the program is designed for people 65 and over, those who are younger can qualify if they have certain disabilities.
Those who have End-Stage Renal Disease also qualify no matter what age.
Some beneficiaries are dual-eligible
Some Americans qualify for both Medicaid and Medicare because of age (they’re age 65 or older) or because of a disability.
They could also qualify for Medicaid because they meet their state requirements.
Those who qualify for both Medicare and Medicaid are considered “dual eligible.”
Dual-eligible persons have a special type of Medicare Part C (Medicare Advantage) plan.
Reporting changes: updating citizen status
If you are a legal immigrant, you can qualify for Social Security benefits only under certain conditions.
For instance, if you meet the SSA requirements for work credits or earned the equivalent credits through your work history in your previous country, then you would be eligible.
However, once you become a permanent citizen, you will be able to receive Social Security and disability benefits because it is your right as an American citizen.
Reporting changes: changing your name
Whenever an individual legally changes his or her name, it is important to contact the SSA.
Failure to notify the SSA of a name change could prevent your wages from being correctly posted to your Social Security earnings record.
To obtain a new Social Security card with your new legal name, you must provide the SSA with a recently issued document proving your identity and legal name change.
Acceptable documents include:
- Marriage certificate
- Divorce decree
- Certificate of naturalization showing new name
- Court order for approving the name change
