Millions of Americans are on the brink of receiving an additional financial boost, as the next round of Social Security Supplemental Income (SSI) checks, amounting to $943, is scheduled to arrive on February 1. Typically disbursed on the first day of each month, the distribution may be adjusted to the last working day if the date falls on a weekend or holiday. Notably, the maximum 2024 SSI amount has seen an increase from $914 to $943, and for married couples, it has risen from $1,371 to $1,415.
When calculating SSI, the Social Security Administration (SSA) takes specific exclusions into account for both earned and unearned income. For earned income, beneficiaries can deduct the initial $65, any remaining money from the $20 exclusion for unearned income, impairment-related work expenses if they are disabled and seeking employment, income set aside to achieve self-sufficiency for disabled or blind individuals, and the first $30 of irregular income received per quarter.
In terms of unearned income, SSI allows beneficiaries to subtract the first $20 per month, money earmarked for self-sufficiency for disabled individuals, need-based state or local assistance entirely provided by respective governments, specific housing subsidies offered by the Department of Housing and Urban Development (HUD), and benefits from the Supplemental Nutrition Assistance Program (SNAP). These exclusions play a crucial role in determining the countable income for SSI recipients.
Understanding these intricacies is vital for individuals relying on SSI, as it provides crucial financial support. The increased maximum amount for 2024 and the various exclusions help individuals manage their finances more effectively. For those eagerly anticipating the upcoming deposit, the additional funds could offer much-needed relief and assistance in covering essential expenses. It’s essential for beneficiaries to stay informed about the specifics of SSI calculations, ensuring they make the most of the financial support provided by these monthly disbursements.
