Social Security COLA: Latest Updates From The Government Here

SSI Federal Payment Standard Rises

Supplemental Security Income (SSI) is a program funded by US Treasury funds. While the program is run by the SSA, it’s not paid for by Social Security taxes. SSI provides monthly payments to people 65 and older who have limited resources and income, as well as other adults and children who are blind or disabled and have limited resources and income.

To qualify for this benefit program, you must meet all of the following criteria:

• Be blind, disabled, or age 65;
• Be a US citizen or a lawfully permitted alien meeting additional conditions;
• Have limited income and resources;
• Reside in one of the US 50 states, the Northern Mariana Islands, or the District of Columbia (except for certain students temporarily abroad or a kid of military parent(s) assigned to permanent duty anywhere outside of the country).

Other criteria may affect your eligibility, including:

• Status of marriage;
• Resources and income of certain family members in your household, like a parent of a minor child or a spouse.

Social Security beneficiaries who are also eligible for SSI benefits will see a boost in the maximum federal SSI payment amount this year based on the 8.7% COLA. For individuals, the standard increases from $841 in 2022 to $941 in 2023. For couples, the payment increases from $1,261 in 2022 to $1,371.