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CASH COUNTDOWN

One week until $841 SSI benefit checks are direct deposited – are you eligible

RECIPIENTS of Supplemental Security Income (SSI) will be receiving their monthly check in one week.

The average SSI claimant is getting $621 a month in benefits this year, thanks to the cost-of-living adjustment climbing to 5.9%.

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SSI claimants are getting up to $841 per month this yearCredit: Getty Images

The maximum payment per individual is $841 per month.

The Supplement Security Income payment will be sent out on Friday, July 1.

Meanwhile, Social Security payments are paid out on three different Wednesdays of the month depending on your birth date.

For example, those with birthdays that fall between the 11th through the 20th will get their checks on July 20.

Who qualifies for SSI?

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.

Along with having a disability, whether you qualify or not depends on your assets.

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

But the SSA exempts some things you own, which include the following:

  • Life insurance policies with a face value of $1,500 or less
  • Your car (usually)
  • Burial plots for you and members of your immediate family
  • Up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse
  • The home and land where you live

For more on SSI, we explain the differences between that program and SSDI.

And we reveal if SSI can be taken for child support.

Plus, find out why it makes sense for some to start claiming Social Security benefits at 70.

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