When it comes to benefits and extra income, every dollar counts. As it turns out, millions of Americans could get an extra $841 by using Supplemental Security Income (SSI) to boost their Social Security benefits.
The Sun reports disabled adults, kids, and seniors over 65 that aren’t disabled but are around a specific income threshold may apply for the benefits. Single SSI recipients can receive $841 a month this year, while couples can obtain $1,261. Those interested may apply online, but those over 65 must call (800) 772-1213 to book an appointment to file. Upon applying, Social Security Administration officials will carefully review it and decide if you meet the requirements.
However, there are a few caveats and conditions you should know before applying. For example, the extra money is reduced by any “countable income” you pocket. This includes things like veterans’ disability payments and Social Security benefits. Because of this, not everyone will receive the same amount. Conversely, you could receive even more if your state tops up your SSI payments, GoBankingRates disclosed.
Americans may receive SSI if they have resources valued at $2,000 or less. These include cash, bank accounts, life insurance, vehicles, and stocks. Federal Treasury funds pay SSI benefits, not Social Security taxes meaning Americans can claim both. Nonetheless, beneficiaries may get smaller SSI payments if someone else pays their household expenses. Additionally, if you live with a spouse that contributes to your overall income, that applies too. Food stamps and fuel assistance don’t count towards your SSI income either. This means if you’re receiving these benefits, it won’t decrease the amount you receive.
Retirees Should Wait to Claim Social Security Benefits in 2022
Along the subject of Social Security benefits, those planning to claim them this year may want to hold off.
The Sun states the full retirement age in the United States changed to 67 this year. This also applies to those turning 62 in 2022. Why does this mean you should wait to claim your benefits though? People who wait until they reach the full retirement age obtain full Social Security benefits. You can start receiving them when you turn 62, but you’ll only get a portion of the benefits. So, doing this prematurely will shrink your monthly check.
Because of this, it may be in your best interest to postpone receiving Social Security benefits. The longer you wait, the heftier the benefit amount. This fact has prompted many to wait until they become 70 to even retire.
You may wonder why the full retirement age is increasing and it’s actually due to increased life expectancy. Back in 1983, an amendment was passed which added an increase in age for collecting full Social Security benefits. With life expectancy also increasing, the Social Security Board of Trustees fears it will be unable to pay full benefits starting in 2034, Yahoo! states.
Though alarming, many suspect Congress will step in and do something to ensure benefits keep coming.