Are you a winner of SSI or SSDI benefits? Good news! The Social Security Administration has announced that beneficiaries will soon enjoy payments of up to $1,993.2, with direct deposit options making access easier than ever before.
I have spent years helping my uncle make his way through the SSI system, so believe me when I tell you: knowing when and how to expect those benefits really makes a difference in planning how much groceries you’ll have next month.
While the latest benefit increase reflects ongoing cost-of-living adjustments intended to keep recipients purchasing power on par with inflation, there remain many more requestors with questions about direct deposit options and making sure they get their payments when none of us wants a hassle.
Let me walk you through everything you need to know, based on my personal experience assisting family members with this process.
Understanding Your SSI/SSDI Payment Amount
A maximum SSI/SSDI payment of $1,993.2 is a huge boon for people with disabilities or older citizens with little income. This sum is adjusted based on a number of factors, including your work history, current earnings, and living situation.
When my neighbor Tom got his award letter, he was initially confused by the calculation. He sat down with me at his kitchen table and we reviewed his work credits, which then gave us insight into his monthly benefit amount.
Remember that your individual payment may be different from the maximum amount. The Social Security Administration figures your benefits according to its assessment of your particular circumstances.
Important Dates to Receive Your Payment
With some careful tracking of payment dates, this phase in your monthly budget can be planned in a more meta way. For those receiving SSI benefits, the payments generally fall on the 1st day of each month unless that is a weekend or holiday.
My aunt, charts her disability by hand on an independent calendar That she bought for just such occasions–Every time she receives payments from the government, Martha gives out gifts which has been calculated in advance.
She circles the day with red ink in her kitchen or living room where it will be seen every day until going over bills later that month.
This simple system has helped her to avoid paying any late fees and relieve some stress.
Final Words For SSI beneficiaries, the date on which payments are sent depends on your birth date:On the 1st through 10th:
Second Wednesday of each month the 11th through 20th:
Third Wednesday of each month the 21st through 31st:
Fourth Wednesday every monthIn August 2000 one day I sat down in the living room of my cousin, frustrated.
“I just don’t understand this schedule,” she said to me over coffee.
But now that she knows when the deposit will go through and has a better control over her finances–“now life seems much simplerthan before,” was her response.
Direct Deposit: The Best way To Get Your BenefitsThe Social Security Administration encourages all beneficiaries to choose direct deposit for their payments.
This method is much faster than handing out paper checks and provides them with significantly more security as well;
unlike a check which might end up damaged by water or overhead lighting, an electronic deposit can be traced back if something goes wrong in transit.
When my uncle signed up for direct deposit he talked about the “big difference it made” last year.
There wasn’t any longer that sense of dread, not being sure whether his check would arrive or not–and if it didn’t, hours wasted waiting for those anxiety-laden trips across town to see if something was afoot at the post-office.
Deposit prevents a delayed schedule from adding insult to injury. It is especially important for people on tight budgets who live from one little windfall payment when they have dealt with all their accumulated bills and foodstuffs about a month later.
How to Set Up Direct Deposit for Your SSI/SSDI Payment find that most people are intimidated by setting up direct deposit, the thought of having to venture into a new world that you know nothing about.
Gather information: You need to know your Social Security number, bank account number and routing number.Choose a method:
Visit the ssa.gov website and log into your my Social Security accountBy phone: Call 1 (800)-772-1213 (TTY: 800-325-0778)
In person: Visit your local Social Security office. ( Appointment recommended )
Provide your banking information as requested.
Verify the details provided, and click Send.
I helped my elderly neighbor set up direct deposit. We did it together, calling the SSA. The representative who answered our call was thoughtful because she had been trained to do so. They taught us step-by-step processes that meant the way we went about performing this task became far less scary than feared at all
Direct Deposit to a Debit Card: Another Option
If you don’t have a traditional bank account, there’s no need to worry. The Direct Express debit card scheme is an excellent alternative for receiving your benefits.
My cousin didn’t trust banks after a bad experience nearly 20 years ago. The Direct Express card gave him a secure way to receive his benefits without opening a bank account
With the Direct Express card:
Each week your payment is automatically deposited onto the card
You can make purchases anywhere Mastercard is accepted
You can withdraw cash from an ATM ( some fees may apply )
Instead of receiving paper checks or post order forms, you can pay bills online
The card offers the security of direct deposit but no conventional banking relationship– it’s become a real lifesaver or game-changer for many people I know.
Checking the Status of Your Payment
Have you wondered if your money is coming? You can find out in a number of ways:
Online using your my Social Security account
Call the SSA’s automated service at 800-772-1213
Directly contacting your bank
I can still remember the relief on my uncle’s face when he found out how to check his payment status online. “I don’t need to wonder anymore,” he told me. “I can just look it up.”
What If Your Payment Is Delayed
Despite the reliability of direct deposit, there can occasionally be delays. If your payment doesn’t arrive as anticipated:
If the business day after you initiate the transaction is not reached, wait, and check in one more time later to see whether things will work out as expected.
For payment information, you can refer to your my Social Security account.
Check with your bank to see whether the deposited amount has any holds on it pending.
If the payment still hasn’t appeared, call the Social Security Administration and find out what the hold-up is.
Her payment was delayed one winter, and at first, she panicked. But as soon as she called her bank, its workers discovered that a temporary hold had been put on the deposit by them. Once they understood what had happened, the matter was settled to both of their satisfaction.
Protecting Your Benefits From Fraud
With Direct Deposit comes the responsibility to keep your benefits free from fraud. Never give out your bank information to verified strangers, and be especially wary of any requests that come out of the blue for personal details.
When someone last year claimed to be from Social Security, my neighbor almost got scammed. But I had warned her, and so she replied with suspicion: “I took that very advice!!! The SSA never rings up without warning looking for your bank information.”
Any suspicious communications received lated to your benefits should be reported to the Office of the Inspector General immediately at 1-800-269-027
Securing Your Financial Future
Knowing how and when-to receive money in your SSI/SSDI payment as high of up $1,993.2 will be essential in terms managing finances effectively.
The fact that his payment arrives like clockwork every month gives my uncle a tremendous peace of mind, he told me last week. “I’m not worried about money like I used to be,” he said. “I know when it’s coming precisely and can plan accordingly later on.”
By following the steps outlined in this article, you can make sure that your benefits arrive promptly and securely. This gives you one less thing to worry about as you turn your mind entirely towards your health and well-being.
Our representatives are here to help you with any problems you might run into. When you don’t understand something about your situation, drop us a line right away.