Millions are cashing in on monthly $943 checks - see payment schedule (2024)

2nd Mar 2024, 00:01By Matthew Aquino

Comparing SSI and SSDI, continued

SSDIhas a monthly earnings limit, which is $1,470 or $2,460 if you’re blind.

However, theSocial SecurityAdministration (SSA) does deduct work expenses.

“If you have extra work expenses, your earnings could be substantially higher than $1,470 in 2023 before they affect your benefits,” the agency said.

2nd Mar 2024, 23:30By Matthew Aquino

Comparing SSI and SSDI

While both programs help disabled Americans, they are not the exact same.

The keydifferencebetweenSSIandSSDIis the eligibility requirements.

To qualify for SSI, individuals cannot have more than $2,000 in assets, while couples can have up to $3,000.

The SSI income limit is more complex, but it’s generally the same as the maximum benefit each month.

Various types of payments and earnings don’t count as “income” though, including the first $20 of most income received in a month.

According to theSSA, grants, scholarships, loans, money gifts, income tax refunds, andfood stamps, among other things do not count as income for SSI.

2nd Mar 2024, 23:00By Matthew Aquino

Individuals who may receive SSI

To be eligible forSSIbenefits, you must be blind, disabled, or 65 or older.

In addition, the following must apply, according to the SSA:

• No more than $2,000 in assets, or $3,000 for couples
• U.S. citizens or noncitizens in eligible classifications granted by the Department of Homeland Security
• Living in one of the 50 states, as well as the Northern Mariana Islands and the District of Columbia
• Not absent from theUnited Statesfor a full calendar month or 30 consecutive days or more
• Files an application
• Allow SSA to contact institutions about acquiring financial records about yourself
• Fill out applications for other public benefits including pensions andSocial Security

2nd Mar 2024, 22:30By Matthew Aquino

Learn about how SSI is funded

Even thoughSSIis managed by the Social Security Administration, the two programs are funded differently.

Social Securityis funded through a payroll tax that Americans contribute to while they’re employed.

SSI, however, is funded through the US Treasury general funds.

2nd Mar 2024, 22:00By Matthew Aquino

Social Security Supplemental Income schedule revealed

The following dates are whenSSIrecipients receive their payments each month:

• Friday, March 1
• Monday, April 1
• Wednesday, May 1
• Friday, May 31(June’s payment due to June 1 falling on a Saturday)
• Monday, July 1
• Tuesday, August 1
• Friday, August 30
• Tuesday, October 1
• Friday, November 1
• Friday, November 29(December’s payment due to December 1 falling on a Sunday)
• Tuesday, December 31(January 2025’s payment due to January 1 falling on a holiday)

2nd Mar 2024, 21:30By Matthew Aquino

States which don’t tax Social Security, concluded

More states that don’t taxSocial Securityinclude:

• South Carolina
• South Dakota
• Tennessee
• Texas
• Virginia
• Washington
• Wisconsin
• Wyoming

2nd Mar 2024, 21:00By Matthew Aquino

States which don’t tax Social Security, continued

Additional states that don’t taxSocial Securityinclude:

• Louisiana
• Maine
• Maryland
• Massachusetts
• Michigan
• Mississippi
• Nevada
• New Hampshire
• New Jersey
• New Mexico
• New York
• North Carolina
• Ohio
• Oklahoma
• Oregon
• Pennsylvania

2nd Mar 2024, 20:30By Matthew Aquino

States which don’t tax Social Security

Social Securitybenefits can be taxed on a state level but not every state does.

The states that don’t tax Social Security include:

• Alabama
• Alaska
• Arizona
• Arkansas
• California
• Delaware
• Florida
• Georgia
• Hawaii
• Idaho
• Illinois
• Indiana
• Iowa
• Kentucky

2nd Mar 2024, 20:00By Matthew Aquino

Cutting back: heating

Although heating costs can rise in the triple digits for someif inflation worsens in the winter– there are a few things you can do to keep expenses under control.

Paul Rhoads, vice president of EnergyPricing, recommends doing these three things to lower your gas bill:

• Shut off appliances when they are not being used
• Turn off the heat when not at home
• Reduce time in the shower to conserve hot water heating

PRICE RISE Households now pay an extra $175 a month due to inflation - how to cut costs

2nd Mar 2024, 19:30By Matthew Aquino

Cutting back: minimizing takeout

Ordering take-out can be expensive – especially if you do it every day and pay unnecessary delivery fees through delivery apps.

You can avoid this by preparing food at home and eating leftovers for lunch during the week.

According to the personal finance websiteMoney Under 30, you save up to $1,000 annually by eating leftovers.

Also,a study from Forbesin 2018 found that consumersspend five times more on food deliverywhen compared to cooking at home.

You can cut your grocery bill by buying non-prepared foods, using apps, as well as getting cash back on credit cards and coupons.

2nd Mar 2024, 19:00By Matthew Aquino

Cutting back: fuel

According to theAAA, gas prices are now sitting at an average of $3.81.

Some ways you cankeep your gas prices under controlare by ensuring your tires are properly inflated, driving smoothly on roads, and cutting back on mileage.

You can also manage costs by avoiding sitting stationary in park with the car running and watching your speed.

1st Mar 2024, 18:30By Matthew Aquino

Cutting back: refinancing

While low interest rates have played a role indriving up inflation, you might be able to use that to your advantage by refinancing.

Refinancing can lower your mortgage payment significantly, which could be helpful to Americans onSSIwho need financial relief.

Plus, low-income owners cansave up to $3,000 annually by refinancing.

However, keep in mind that keep in mind thatmortgage rates have been on the riserecently.

1st Mar 2024, 18:00By Matthew Aquino

Social Security loophole, concluded

Another way you can gainSocial Securitybenefits without working is through survivor benefits.

These occur when your spouse passes away, and you’ll be eligible for as much as 100 percent of their payments if you’re at full retirement or older.

At age 60 through full retirement age, you’ll qualify for 71.5 to 99 percent of your deceased partner’s amount.

With a disability aged 50 through 59 that goes down to 71.5 percent.

At any age, with a child under age, you’ll see between 16 to 75 percent.

1st Mar 2024, 17:30By Matthew Aquino

Social Security loophole, continued

Ex-spouses can also apply for theSocial Securityspousal benefit loophole.

The ex-spousal benefit is only offered to those spouses who were married at least 10 years before they got divorced.

Otherwise, the benefit works roughly the same. You’ll qualify for up to 50 percent of what your ex-spouse receives upon the time you reach full retirement age.

Keep in mind, you must remain unmarried and be at least 62 years old.

BENEFIT HELP Three things to know about Social Security spousal benefits - get your $1,673

1st Mar 2024, 17:00By Matthew Aquino

Social Security loophole, explained

While most believe that you must work a certain number of years in order to accrueSocial Securitybenefits, there is one loophole seniors can use to get money without ever working a day in their lives.

Spousal benefits from Social Security designate up to 50 percent of a partner’s benefit once you reach your full retirement age.

However, if your spouse files for benefits early, you both will receive reduced benefits from there on.

The only exception includes if you are caring for a qualifying child. If that is the case, there will be no reduction in benefits.

If you worked and qualified for your own Social Security account, you’ll receive whichever is higher of the two options.

1st Mar 2024, 16:30By Matthew Aquino

More on your FRA

In 1983,Congresscreated a law to redefine FRA.FRA now works on a sliding scale to adjust for the fact that people are living longer and generally healthier lives.

Thecurrent FRAincreases a few months for each birth year, until hitting 67 for people born in 1960 and later. This change applies to everyone born in and after 1938.

The Social Security Administration (SSA)provides anonline calculatorfor determining your FRA.

They also provide aretirement age chart.

1st Mar 2024, 16:00By Matthew Aquino

Know your FRA

Yourfull retirement age(FRA), sometimes called your normal retirement age, is the age when you are eligible for fullSocial Securityretirement benefits.

The year and month you reach yourFRAdepend on the year you were born.

Prior to 1983, no calculation was needed as the normal retirement age was age 65 across the board.

1st Mar 2024, 15:30By Matthew Aquino

What to know about dual-eligibility

Some Americans qualify for bothMedicaidandMedicarebecause of age (they’re age 65 or older) or because of a disability.

They could also qualify for Medicaid because they meet their state requirements.

Those who qualify for both Medicare and Medicaid are considered “dual eligible.”

Dual-eligible persons have a special type of Medicare Part C (Medicare Advantage) plan.

1st Mar 2024, 15:00By Matthew Aquino

Medicare vs. Medicaid

UnlikeMedicare,Medicaidis a way to get health care at a lower cost or sometimes at no cost at all depending on income.

Medicaid is managed by each state, so the eligibility requirements vary.

Each state may have its own name for its Medicaid program and you have to re-certify for it each year.

Medicaid typically coverschildren, pregnant women, elderly adults people with disabilities, and eligible low-income adults.

SAME BUT DIFFERENT What to know about Medicare and Medicaid

1st Mar 2024, 14:30By Matthew Aquino

COLA provision allows for yearly adjustments

In 1975, Congress adopted a COLA provision that provided automatic yearly COLAs based on the annual increase in the CPI-W.

Prior to 1975, Congress enacted special legislation to boostSocial Security payouts.

COLAs in 1975 were calculated using the rise in the CPI-W from the second to the first quarter of 1974.

They were based on increases in the CPI-W from the previous year’s first quarter to the current year’s first quarter from 1976 to 1983; since then, COLAs have been based on the CPI-W from the previous year’s third quarter to the current year’s third quarter.

1st Mar 2024, 14:00By Matthew Aquino

Breaking down Consumer Price Index

The Consumer Price Index (CPI) wascreated to determineappropriate pay increases during World War I, a period of rapidly rising prices, according toEncyclopedia.com.

In 1935, theSocial Securityretirement system was founded.

In the decades that followed,Congressincreased Social Security benefits on a regular basis to compensate for slow inflation as assessed by the Consumer Price Index (CPI).

1st Mar 2024, 13:30By Matthew Aquino

More on the Social Security payment schedule

Anyone whose birthday falls between the 1st and the 10th of a month can expect to get their money on the second Wednesday of each month.

Those whose birthdays fall between the 11th and the 20th of the month can expect to receive their benefits on the third Wednesday of each month.

Anyone with a birthday that falls between the 21st and the 31st of the month can expect to get their payment on the fourth Wednesday of each month.

Meanwhile,SSIpayments are sent out every month on the first, excluding if it falls on a holiday or weekend.

If you receive both SSI andSocial Security, or if you started claiming benefits before May 1997, you will receive your Social Security on the third.

1st Mar 2024, 13:00By Matthew Aquino

What to know about Social Security exemptions

TheSocial SecurityAdministration 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.

1st Mar 2024, 12:30By Matthew Aquino

Qualifications for the EITC

You qualify if you work and earn below a certain maximumadjusted gross income (AGI), whichwe’ve rounded up below:

Filing as single, head of household, or widowed:

• No children – AGI of $16,480
• One child – AGI of $43,492
• Two children – AGI of $49,399
• Three children – AGI of $53,057

Filing asmarriedfiling jointly:

• No children – AGI of $22,610
• One child – AGI of $49,622
• Two children – AGI of $55,529
• Three children – AGI of $59,187

IN CREDIT Families can claim $6,728 in tax credit this year as cash for workers triples

1st Mar 2024, 12:00By Matthew Aquino

Breaking down earned income tax credit (EITC)

Theearned income tax credit(EITC) is the government’s largest refundable federal income tax credit for low- and moderate-income workers.

In 2021, almost 25million families received over $60billion in EITC credits, with an average payment of $2,411.

For the 2022 tax year, the EITC is worth as much as $6,935 for a family with three or more children.

Workers without children can claim a maximum of $560 for 2022, down from $1,502 in the 2021 tax year.