Hardworking Americans contribute from their taxed income into a taxed wages account that is meant to be utilized for themselves or other taxpayers who fall on hard times. The Social Security Administration oversees social security disability benefits and supplemental security income for millions of Americans. The program provides a benefit that those in financial need can receive if they meet certain income limits. The good news is that benefit rates are increasing for the coming year of 2018.
Supplemental Security Income is awarded to those within restricted income levels who have paid in the right amounts prior to an inability to make ends meet. The SSA just released the SSI benefit amounts for 2018, and they're rising slightly from 2017's amounts. For individuals, the SSI Supplemental Security Income federal payment standard amount in 2018 is $750 per month, up $15 from the previous year. Families receiving SSI will see their corresponding amount rise by $22 to $1,125 per month.
The actual amounts of SSI awarded to deserving individuals or families varies greatly based on circumstances. It's a fairly straightforward calculation as to what an individual or a family may receive from SSI in 2018, but a calculation nonetheless. Understanding if SSI could be a possibility for you or your family in 2018 is a great place to start. SSI is based on financial resources and income information. Not all assets are counted, some are excluded in determining financial need.
With news that rates are rising, this could be even more reason to seek out SSI benefits next year. The new year can mean a new beginning. If you believe you or your family could qualify for SSI benefits, it's worth looking into. Especially for those in a tough financial situation, it's meant to be aid to those in need.
Source: usatoday.com, "2018 Federal SSI benefits: How much can you get?," Accessed Dec 18, 2017