Great news, folks! States are offering to give Americans more income. But, how can you join the party?
The Supplemental Security Income (SSI) is made to assist households who are struggling financially. But this year, the SSI standard for limited earnings stops at $841 per month for a single person. For a couple where both are legal beneficiaries, the amount is a monthly $1,261.
However, the amount is minimized by any “countable income” that recipients hold onto. This includes veterans’ disability payments or social security benefits. Therefore, everyone receives different amounts of money.
Americans have the option of receiving SSI if they have resources worth less than $2,000. These resources could include cash, bank accounts, stocks, cars, and life insurance.
According to GoBankRates, if their state approves their SSI payments, beneficiaries could end up receiving more. This comes after millions of Americans were sent out Social Security checks last Wednesday.
Americans can fill out applications online. However, those over 65-years-old must call the phone number 800-772-1213 if they want to book an appointment to apply.
But, something to remember: if a Social Security recipient was born between the 11th and 20th, they will receive their checks on the third Wednesday of each month.
Retirement Income: How an IRS Change Assists Millions of Senior Citizens
With millions of Americans reaching retirement age, many are looking into how to financially plan for their futures and increase their retirement income. As it turns out, the IRS made a recent adjustment to assist senior citizens with their retirement funds.
When senior citizens reach a certain age, they must take out money from their retirement accounts every year. If not, they face penalties from the IRS. So, I guess it’s their way of making sure senior citizens spend their money.
The government decides how much money each senior citizen must remove from their retirement income accounts each year. If they want, retirees have the option of taking more than their Required Minimum Distributions (RMD). However, they can only take so much if they want to avoid penalties.
For those wondering why senior citizens much take RMDs, we’re happy to explain it.
Many Americans put a specific amount of their income into tax-deferred retirement accounts. That often means regular payments to either a 401(k) or an IRA. Although taxes on these funds are put off, they will have to eventually be paid.
According to AARP, this withdrawal allows the beneficiary to annually pay taxes on a percentage of their retirement funds.
Supplemental Security Income: How Families With Children Can Claim $687 Checks
More funds might be on the way! Many American families with disabled children are eligible for monthly Supplemental Security Income checks worth up to $841. According to The Sun, nearly five million Americans are currently receiving SSI benefits.
Parents with disabled children can usually claim an average of $687 from the federal government. The SSI continues to adjust the number of money recipients can claim this year, so keep an eye out!