GREAT NEWS for SSI Beneficiaries! | How To Get Back Pay & $841 Maximum Monthly Benefits!

.So what exactly is SSI, also known as Supplemental Security Income? The way it works is that the Social Security Administration pays cash benefits to people who are not earning a significant income. One of the two Social Security Administration programs is Supplemental Security Income. SSI makes monthly payments to people who have limited income and assets. And whether you can get it or not depends on your income and the assets that you own. The average SSI benefit is $621 per month in 2022, which is up by $34 per month since 2021. And in 2022, the maximum monthly SSI benefit for an individual is $841, or about $10,092 a year. Payments have recently increased thanks to the cost-of-living adjustment, which is currently set at 5.9% for 2022 due to skyrocketing inflation. Now, that easiest way that individuals can apply for this benefit is by visiting the Social Security Administration website, and following the steps to filling out an regular application.

The next question we will answer is what exactly is SSI back pay, and how can we take advantage of it to get more money back in our pockets? Getting approval for SSI can take months. And in some cases, you may qualify for payments for the period of time between your application date, and the date you were approved. However, if your initial application was denied, and you appealed and were approved, you may have even more incentive to apply for back pay. In general, it takes three to five months to get approval, according to the Social Security Administration, meaning most applicants can indeed receive back pay. One important distinction is that back payments are different than retroactive payments. Retroactive payments cover the months before your application date, but are unfortunately not offered for SSI.

The next question on our agenda is exactly how much money can you have back dated? To figure out the amount of back pay you can get, the Social Security Administration looks at two things, when you applied for benefits and when your SSA benefits were approved. Now, the calculation it uses is fairly simple. Basically, the Social Security Administration takes the months between your application date and your approval date and multiplies this number by your monthly payment. For example, if you were approved for the maximum payment of $841, and the Social Security Administration took six months to approve your claim, you would claim $5,046 in back pay. Now is there a limit to SSI back pay? The Social Security Administration makes payments for SSI back pay in three installments. According to AARP, if your SSI back pay is more than three times the program's maximum monthly payment, which was $841 in 2021, you will not receive it in a lump sum. Instead, it will come in three installments at six-month intervals.

The first payment, for a third of what you are owed, is paid soon after approval. The second payment comes six months later, and the final payment in another six months. Keep in mind that while there are no limits on the SSI back pay you may receive, the program does not offer retroactive payments, which go back to the first date that you experienced a hardship.

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