How much SSI pay will I get in 2022 per month and per year?

SUPPLEMENTAL Security Income (SSI) beneficiaries received a boost in benefits in 2022.

This is because of the cost-of-living adjustment (COLA), which has climbed to 5.9 percent.

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The new payments reflecting COLA for SSI recipients started on December 30, 2021 because of the holiday schedule.

A cost-of-living adjustment is an increase in income that keeps pace with inflation.

It is calculated based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the cost of popular goods and services.

As a result, SSI has increased by $34 on average to $621 compared to $587. This equals $7,452 each year.

According to the Social Security Administration, the monthly maximum for SSI is $841 per month for an individual in 2022 or about $10,092 on an unrounded annual basis.

For couples, the maximum benefit will be $1,261 a month, or $15,136.93 on an unrounded annual basis.

Keep in mind, inflation continues to surge across the country – meaning the increase might not feel like a lot for some claimants.  

SSI, which is run by the Social Security Administration (SSA), aims to help those over 65, as well as blind and disabled people, who have little or no income.

Who is eligible?

Qualifying for SSI will depend on your earnings and your assets.

To qualify, individuals can't have more than $2,000 in assets, while couples can have up to $3,000.

Further, the more you make, the less your SSI benefit will be.

SSI is not to be confused with Social Security because seniors can claim both.

Benefits for eligible children are said to be larger because many don’t have earnings.

Those who claim Social Security tend to receive less in SSI checks if they qualify for both.

According to an SSA report in July 2021, more than 7.8million Americans were receiving SSI benefits.

If you plan to apply for SSI, you can begin the application process and complete a large part of the application on the SSA website.

You can also call toll-free at 1-800-772-1213 to ask for an appointment with a Social Security representative.

We explain what Social Security disability insurance is and how much you can get.

Check out how working while collecting Social Security impacts your benefits.

Plus, you need to do these five things before claiming Social Security.