The Social Security Administration (SSA) has made the announcement of significant changes as well as updates related to the supplemental security income payment of May 2024. The recipients are mainly set to get a rise of $120 in their social security payments in the month of May 2024 and thus it reflects a rise of 3.2 percent from the past year. the maximum SSI Payment for the year 202 is $4873. Apart from this, the residents of the United States of America which are the recipients of Supplement Security Income will be getting the boost of $943.
the benefits of SSI are mainly provided on the 1st day of every month. But if the 1st day falls on a weekend or a holiday then the payment is provided on the business day which is preceding the holiday. Since 1st May 2024 is a Wednesday therefore there are no scheduled delays for the payment.
SSI Payment May 2024
The Social Security Administration has made the announcement of the 3.2 percent rise in the SSI payment for the month of May 2024. Further, it is even offered an additional $120 to the recipient. The maximum amount of payment offered to the eligible individuals is $4873 each month however the recipient of SSI will be getting almost $943.
Social Security SSI Payment May 2024: Overview
| Title | SSI Payment May 2024 |
| Amount | Mentioned in the post |
| Year | 2024 |
| Country | The United States of America |
| Rise | 3.2 percent |
| Category | Government aid |
| Payment date | Mention in the post |
SSI Payment May 2024 Schedule
The SSI Payment will be provided to the individual on the first date of every month. However, if the first day is a holiday then the payment will be offered to the individuals on the day preceding the holiday. In the case of May, the first day of the month is not a holiday thus the payment will be provided to the recipients of SSI on the same date. Read the following payment schedule which I have provided to know more about the payment date.
- If the birth date of the individual is between the 1st and 10th than the payment date will be Wednesday that is 8th May 2024.
- Further, if the birth date of the individual is between the 11th and 20th then the payment date will be 15th May 2024 (Wednesday).
- When the birth date lies between the 21st and 31st then the date of payment is 22nd May 2024 which is on Wednesday.
- If the individual is getting the social security before May 1997 then the payment date will be 3rd May 2024.
However, there are exceptions for those individuals who are getting the social security payment prior to May 1997. If the individual begins to get the social security retirement or the disability benefit before the month of May 1997 then the individual will be getting the SSI payment amount on the 3rd of every month no matter when your birthday comes.
Eligibility Criteria for SSI Payment May 2024
To get the benefit of the supplemental security income, it is necessary for the individual to meet all the criteria of eligibility which are provided by the Social Security Administration. I have mentioned certain criteria for eligibility for SSI Payment in the following brief points.
- The first criteria of eligibility is that the individual must be 65 years old or more in age, blind, or have a disability to get his benefit amount.
- It is necessary to note that the disability that an individual has should affect their ability to work for almost one year or will result in the death of the person. Further, it is also important that the disability limits the ability of the individual to perform previous works and other types of work that exist in the economy.
- The income of the individuals along with the wages as well as social security benefits should be below a specific amount. In May 2024, the income of the individuals should be $1971 apart from this, in the case of the couples and parents that are applying for their children the income should be more.
- The value of the asset of the individual should be below a specific limit of resources. This mainly applies to things including vehicles and bank accounts.
- Another criterion of eligibility is that the individual must be in residence of the United States of America and should reside in one of the 50 states, the Northern Marianan Islands, and the District of Columbia.
- The limit of resources for the individual should be $2000 and in the case of a married couple, the limit is $3000.
Payment amount for SSI Payment May 2024
The payment amount which individuals get from SSI benefits mainly depends on various factors however here are certain main points for understanding the meaning of potential payment. The Social Security Administration has set the maximum amount of federal benefit for the SSI payment each year. Such rates are mainly adjusted for the rise in the cost of living. In the month of May, the maximum federal benefit amount that is provided to the single individual who is meeting the criteria for eligibility is $943 per month. On the other hand for married individuals, the monthly amount offered is $1415.
- The benefits of SSI are deposited electronically in the bank accounts. If the individual resides in a state and has supplementary payments then their income each month will be more.
- If the living situation, income, and marital status of the individual changes then it is necessary for the individual to report all these changes to the Social Security Administration promptly.
- This will make sure that the individual has received the correct benefit amount and has thus avoided the potential overpayments.
Peter Horadan is a finance graduate who has been active in the field since 2015. He enjoys writing about stimulus programs, social security, and other U.S. finance topics to help Americans better understand their finances.
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