MILLIONS of Americans are set to receive two huge Supplemental Security Income (SSI) checks in April.
The average SSI claimant is getting $621 a month in benefits this year, thanks to the cost-of-living adjustment climbing to 5.9 percent.
The maximum payment per individual is $841 per month.
SSI claimants can expect to get two of the same checks worth up to $1,682.
The payment schedule will be impacted because the first of May (the date SSI benefits are normally sent out) is a Sunday.
When that happens, benefits are issued on the Friday before.
Because of this, SSI beneficiaries can expect their payments to arrive on Friday, April 1, and Friday, April 29.
Read our Supplemental Security Income live blog for the latest news and updates…
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What is SSI back pay? continued
In general, it takes three to five months to get approval, according to the SSA, meaning most applicants can get back pay.
Back payments are different than retroactive payments.
Retroactive payments cover the months before your application date and are not offered for SSI.
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What is SSI back pay?
Getting approval for SSI can take months.
In some cases, you may qualify for payments for the period of time between your application date and the date you were approved.
If your initial application was denied, and you appealed and were approved, you may have even more incentive to apply for back pay.
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Does everyone get the same SSI?
Not everyone gets the same SSI amount.
You may get more if you live in a state that adds money to the federal SSI payment.
You may get less if you have other income such as wages, pensions, or Social Security benefits.
You may also get less if someone pays your household expenses or if you live with a spouse and he or she has income.
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How redetermination may effect benefits, continued
If these conditions improved, then your benefit amount will most likely decrease.
Along with reducing your payment going forward, the SSA could also seek repayments if it finds that you’ve been getting more than you were entitled to.
Redetermination could also revoke your eligibility for the benefits outright.
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How redetermination may effect benefits
If you had no changes in your finances or living situation, your benefit will not change.
On the other hand, if these things did change, then so will your benefit amount.
If these conditions worsened, you will most likely get an increase in benefit.
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Redetermination notice types
For a telephonic redetermination, the SSA will send the beneficiary a letter designating the time and date to expect a call.
If you are asked to do an in-person interview, you will be requested to appear at your local Social Security office for a redetermination meeting.
Your redetermination may also be conducted by mail.
Once you have received one of these notices, you will have 30 days to respond.
Failing to reply on time could result in your benefits being stopped.
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What is redetermination?
The Social Security Administration (SSA) conducts redetermination about every one to six years.
Redetermination is conducted in three different ways: telephone, mail, or in-person.
During redetermination, the SSA will review your income, resources, and living arrangements to be sure you are still eligible for SSI and to ensure you are getting the correct monetary support.
If you are married or you are a disabled child under age 18 living with your parents, the SSA will also review the income, resources and living arrangements of your spouse or parents.
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How to maximize benefits
To get the maximum benefit, you need to take three main steps.
Firstly, you’ll want to make sure that you’ve worked for at least 35 years.
If not, zeros will be averaged into your calculation for each year you’re missing income under the 35-year threshold.
You must also earn the maximum wage taxable or more for at least 35 years.
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What is the maximum SS benefit in 2022?
The most an individual who files a claim for Social Security retirement benefits in 2022 can receive per month depends on your age.
For someone who files at 62, one can get up to $2,364 a month.
If you file at your full retirement age, which is typically 66 and a set number of months or 67, then you can get up to $3,345.
Or if you wait to file until age 70, you can receive up to $4,194.
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Who doesn’t qualify for Social Security?
To collect Social Security benefits, you must have met the minimum requirement of performing “enough work.”
The Social Security Administration (SSA) defines “enough work” as earning 40 Social Security credits.
In 2022, an individual will earn one Social Security credit for every $1,510 in covered earnings.
You can only get a maximum of four Social Security credits each year, and you must earn $6,040 to get the maximum of four credits.
Therefore, to earn 40 credits you must work for at least 10 years.
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Inflation takes its toll
Inflation has become much worse in recent months, with Americans looking to return to normal life.
Data on inflation from the Bureau of Labor shows that consumer prices rose 5.4 percent last year to September – a troubling trend for seniors relying on Social Security checks.
Typically, inflation triggers when the supply doesn’t meet the demand – resulting in rising prices across the economy.
Everything in necessities from food to gas has gotten much more expensive.
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How do Social Security claimants pay taxes?
If it turns out that you do owe taxes on your benefits, you can opt to make quarterly estimated payments to the IRS, or you can choose to have federal taxes withheld when you initially apply for benefits.
You can choose 7 percent, 10 percent, 12 percent, or 22 percent of your monthly benefit withheld for taxes.
We explain five changes hitting Social Security in 2022.
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Do Social Security claimants need to pay taxes?
In January of each year, you’ll be notified of how much you received in benefits during the previous year.
This Social Security benefits statement is a form SSA-1099 and can be used to help you complete your tax return.
By using this form, you’ll find out if your monthly benefits are subject to tax.
If by February you’ve not received this form, or if you’ve misplaced it, you can request a new one using your online social security account.
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If benefits are late…
The Social Security Administration has shared the 2022 payment schedule.
If you believe your Social Security check was stolen, you need to contact the Social Security Administration office immediately.
If your delay is due to a change in personal information, such as a banking account or address, call your local SSA office or 1-800-772-1213 (Monday through Friday, 7am – 7pm).
For any other delays, the SSA suggests you wait three business days for your check to arrive.
After that date, you should call the SSA.
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Can you select your representative payee?
Only the SSA has the authority to designate a representative payee to handle payments for someone who is unable to do so for themselves, such as a minor, a person with a significant physical disability, or an older adult with cognitive impairments.
You can, however, choose up to three people ahead of time to act as your payee in the event that the need arises, according to AARP.
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What is a representative payee?
A representative payee is a person or institution designated by Social Security to administer benefit payments on behalf of someone who is unable to do so on their own, such as a minor child, a seriously incapacitated person, or a retiree with advanced dementia.
According to AARP, around 5million Social Security claimants (or 7.7 percent of the total benefit population) have representative payees as of December 2020.
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Can you get Social Security while working?
Yes, you may collect Social Security payments while still employed.
You can work and earn as much as you like once you’ve achieved full retirement age and still receive full benefits.
Your benefits will be temporarily lowered if you are beneath the age of full retirement.
The money, on the other hand, is not lost.
When you reach full retirement age, Social Security will credit it to your record, resulting in a greater benefit.
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How much do you pay toward Social Security?
Workers contributed 6.2 percent of their earnings into Social Security up to $142,800 in 2021 and $147,000 in 2022.
Employers also contribute 6.2 percent.
Self-employed individuals must pay both components of the tax or 12.4 percent.
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Stopping Social Security payments
The SSA is unable to pay benefits for the month in which a person dies.
That implies that if the individual died in July, the August check must be returned.
If the payment was made by direct deposit, please tell the financial institution as soon as possible so that any payments made after your death can be returned.
When a person receiving Social Security benefits dies, family members may be eligible for survivors payments.
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Reporting the death of a SS beneficiary
The death of a family member receiving Social Security or Medicare benefits must be reported.
Both are processed by the Social Security Administration (SSA).
To report a death, follow these steps:
- Give the funeral director the deceased person’s Social Security number so that the SSA can be notified of the death.
- Make an appointment with your local Social Security office. To file a report, call the SSA’s main line at 1-800-772-1213 (TTY 1-800-325-0778).
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SSI rules if you are divorced
An ex-spouse may be eligible to receive your Social Security benefits, so it is important to know these important rules:
- Ex-spouses are eligible to receive your benefits
- The maximum spousal benefit is 50% of whatever your ex-spouse will collect at their full retirement age
- Your ex-spouse is eligible to receive retirement benefits on your record even if you have not applied yet
- Getting married again may affect your Social Security benefits
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States without supplemental payments
The following states do not provide funds in addition to the federal SSI payment:
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Supplemental payments, continued
In these states, Social Security administers some categories of state supplement payments, and the state administers other categories of supplemental payments:
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Supplemental payments
The following states pay and administer their own supplemental payments, in addition to the basic federal SSI monthly payment:
- Alabama
- Alaska
- Arkansas
- Colorado
- Connecticut
- Florida
- Georgia
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Minnesota
- Missouri
- Mississippi
- Nebraska
- New Hampshire
- New Mexico
- New York
- North Carolina
- Ohio
- Oklahoma
- Oregon
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Washington
- Wisconsin
- Wyoming
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State supplements
The basic monthly maximum SSI payment for one person is $841, according to the Social Security Administration, and if you are a couple, you will receive $1,261.
And you may get more if you live in a state that supplements the federal SSI payment.
Amounts vary by state but, for example, New York offers an extra $87 a month for individuals or $104 for couples.
Elsewhere, Alabama couples can get a $120 boost.
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