The second round of Social Security payments begins on March 1

Starting March 1, the Supplemental Security Income (SSI) program will issue another check in 2024.

Federal programs benefit the elderly, the blind, and others with low or limited income. SSI is funded by general tax revenue, not Social Security taxes.

Payments received include wages, social security benefits, pensions, and the value of things you receive from another person. This means that not all beneficiaries will receive the same amount.

Each state has different rules. For example, the amount is higher if you live in a state that contributes money to federal SSI payments.

The people you live with also make a difference, as the payment may be lower if you and your family have other incomes.

SSI beneficiaries have two options when requesting payments: filing taxes individually or filing jointly with their partner.

Individual filers can receive up to $943.00 USD per month, while couples filing jointly receive up to $1,415 USD.

There is another group of people called dependents, who are those who live and care for SSI beneficiaries who will receive up to $472.00 USD.

Adjusted for inflation, this amount represents a 3.2% increase over 2023. Although not all beneficiaries receive the maximum amount, they can get a personalized estimate through the SSA calculator.

Who is eligible for SSI?

Eligibility Requirements:

• Limited income and resources.
• Suffering from complete or partial blindness.
• Physical or mental condition that severely limits daily activities for 1 year or more, expected to result in death.

In addition to these Social Security benefits, SSI provides monthly payments to adults and children with visual impairments or other disabilities and limited incomes. Requirements for children with disabilities are different.

The SSI program was created in 1974 to provide additional assistance to people in vulnerable situations, including the elderly, the blind, and the severely handicapped. Each month, you must report changes in your wages, other income, and your resources or living arrangements.

In addition to SSI, there are other programs like SNAP and Medicaid that can help you save money and take care of your basic needs.