If you’re waiting for your Social Security payment this month, pay attention because it could arrive in just a few hours. The Social Security Administration (SSA) uses a payment schedule based on each individual’s birth date.
If you were born between the 11th and 20th of any month, your money will arrive in your account on Wednesday, February 19. However, if you have been paid since before May 1997, you should have received it at the beginning of the month.
Furthermore, some people wonder if it is possible to qualify for both Social Security and Supplemental Security Income (SSI) at the same time. Here’s what you need to know.
How much can you receive from Social Security?
Not everyone receives the maximum amount, but if you wait until age 70 to retire, you could receive up to $5,108 per month. Of course, not everyone receives a check because it is determined by how much you earned over the course of your working life.
Most retirees earn an average of $1,876.95 per month, so don’t get too excited before reviewing your case.
If you retire at age 67, which is the full retirement age, you could receive up to $4,018. Now, if you choose to retire at the age of 62, you can expect to receive only $2,831. It’s a game of patience: the longer you wait, the better the check.
Cost of Living Adjustments: Did payments go up this year?
Since January, benefits have increased by 2.5% due to the cost of living adjustment (COLA). Although it is not the largest increase in recent years, it is still a small benefit to millions of people.
To give you an idea, in 2023 the COLA was an incredible 8.7%, but in 2024 it dropped to 3.2%. The difference is that while inflation has recently decreased, many people continue to bear the brunt of high housing, food, and insurance costs.
Analyst Mary Johnson explained that, while this year’s COLA is the lowest since 2021, it still provides relief to those who rely on these payments. Martin O’Malley, former commissioner of Social Security, has assured that this increase will assist millions of people in meeting their basic needs.
Didn’t you get your Social Security payment?
Don’t panic if your Social Security check does not arrive on time. You can accomplish the following:
- Call 1-800-772-1213 (Monday through Friday, 8 a.m. to 7 p.m.).
- Go to ssa.gov and check the status of your payment in your personal account.
- Visit a local SSA office, although it is best to schedule an appointment to avoid long waits.
It is important that you verify your bank account and address details, because any errors could delay your payment.
Can I receive Social Security and SSI at the same time?
Yes, Social Security and Supplemental Security Income (SSI) can be collected concurrently, but there are some details to consider. To be eligible for SSI, you must be over 65, disabled or blind, and have limited income and resources. The limits change each year, so check with the SSA before applying.
If you already receive Social Security payments, your SSI check may be reduced. Because? Because SSI is intended for people with extremely low incomes, any additional funds you receive, including Social Security, can affect how much you receive.
To receive SSI, you must have a limited income, but there is also a limit on the number of resources you can own. This includes bank accounts, investments, and property (with a few exceptions).
These limits change annually, so it’s best to stay informed to avoid surprises. If your Social Security benefits do not cover all of your expenses, SSI can help. However, if your income exceeds certain limits, you may lose eligibility for SSI or receive a reduced payment.
