SSI Beneficiaries May Get Higher Payments Due to New Rule

Americans who receive Supplemental Security Income (SSI) may see their monthly payments increase following a new rule from the Social Security Administration (SSA). The rule seeks to avoid reducing payments for people receiving rental assistance. SSI monthly payments are paid to disabled or blind adults and children or to individuals aged 65 and above provided such people have limited income and resources. There is a maximum limit on the monthly payments people can receive, which for 2024 is set at $943 per individual. However, the amount received by a person can be reduced based on various factors, one of which is their accommodation. SSI payments are reduced if the recipient lives in another person’s house, but does not pay their fair share of housing costs. For instance, if an individual were to rent a home with a current market rental value of $800, but only pays a discounted rate of $600, then the $200 difference is considered a rental subsidy....