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GREAT NEWS for SSI Beneficiaries! | How To Get Back Pay & $841 Maximum Monthly Benefits! - YouTube
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great news for ssi beneficiaries if you happen聽
to be experiencing a long waiting period for聽聽
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your ssi benefits application to be approved you聽
could be eligible for several months of back pay聽聽
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what's going on guys josh baldwin here from mad聽
money millennial bringing you the latest news聽聽
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and most straightforward information out there聽
for those of you on social security ssi ssdi聽聽
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and snap or ebt benefits you could do me a giant聽
favor by tapping those like and subscribe buttons聽聽
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and let's get into this video where we will聽
discuss an update on ssi benefits and how you聽聽
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can be eligible for maximum payments of up to聽
841 dollars per month per person depending on聽聽
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your status so what exactly is ssi also known as聽
supplemental security income the way it works is聽聽
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that the social security administration pays聽
cash benefits to people who are not earning a聽聽
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significant income one of the two social security聽
administration programs is supplemental security聽聽
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income ssi makes monthly payments to people who聽
have limited income and assets and whether you聽聽
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can get it or not depends on your income and聽
the assets that you own the average ssi benefit聽聽
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is 621 dollars per month in 2022 which is up to聽
34 dollars per month since 2021 and in 2022 the聽聽
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maximum of the ssi benefit for an individual聽
is 841 dollars or about 10 092 dollars a year聽聽
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payments have recently increased thanks to the聽
cost of living adjustment which is currently聽聽
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set at 5.9 percent for 2022 due to skyrocketing聽
inflation now the easiest way that individuals can聽聽
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apply for this benefit is by visiting the social聽
security administration website and following the聽聽
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steps to filling out a regular application the聽
next question we will answer is what exactly is聽聽
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ssi back pay and how can we take advantage聽
of it to get more money back in our pockets聽聽
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getting approval for ssi can take several months聽
and in some cases you may qualify for payments for聽聽
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the period of time between your application聽
date and the date that you were approved聽聽
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however if your initial application was denied and聽
you appealed and were approved you may have even聽聽
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more incentive to apply for back pay in general聽
it takes three to five months to get approval聽聽
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according to the social security administration聽
meaning most applicants can indeed receive聽聽
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back pay one important distinction is that back聽
payments are different than retroactive payments聽聽
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retroactive payments cover the months before your聽
application date but are unfortunately not covered聽聽
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for ssi the next question on our agenda is exactly聽
how much money can you expect to have backdated to聽聽
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figure out the amount of back pay you can get the聽
social security administration looks at two things聽聽
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when you applied for benefits and聽
when your ssa benefits were approved聽聽
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now the calculation it uses is fairly simple聽
basically the social security administration聽聽
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takes the months between your application date聽
and your approval date and multiplies this number聽聽
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by your monthly payment for example if you were聽
approved for the maximum payment of 841 dollars聽聽
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and the social security administration聽
took six months to approve your claim聽聽
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you would claim five thousand forty six dollars聽
in back pay now is there a limit to ssi back pay聽聽
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the social security administration makes payments聽
for ssi back pay in three installments according聽聽
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to the aarp if your ssi backpay is more than three聽
times the program's maximum monthly payment which聽聽
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was 841.2021 you will not receive it in the lump聽
sum instead it will come in three installments at聽聽
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six month intervals the first payment for a third聽
of what you are owed is paid soon after approval聽聽
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the second payment comes six months later and聽
the final payment comes in another six months聽聽
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keep in mind that while there are no limits on聽
the ssi back pay you may receive the program聽聽
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does not offer retroactive payments which go back聽
to the first date that you experienced a hardship聽聽
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alright guys i hope that all that聽
complicated finance jargon made sense聽聽
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and you found this video helpful if you did聽
please leave a like comment down below any聽聽
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information you might have about your own ssi聽
benefits and maybe you can help someone else out聽聽
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and of course please subscribe stay safe stay聽
hustling and i'll talk to you guys again soon
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you
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