What is the Highest SSI Monthly Payment? SSI monthly payments 2024

What would my SSI monthly payments be for 2024?

SSI is short for Supplemental Security Income. Individuals may receive SSI under the Social Security Act if they are disabled and have very limited financial means. If you have a strong work record, you normally won’t get SSI. Instead, if you are disabled, you will likely be paid disability insurance benefits based on the taxes that you have paid into the system over the years. Payments under disability insurance benefits can range from under $100 per month to over $3,000 per month depending on the amount of Social Security taxes that you have paid into the system.

In order to get SSI, you can have no more than $2,000 in assets. The home that you live in, the car that you drive, and other household furnishings or personal belongings will not count toward this $2,000 limitation. Most other assets do count toward this $2,000 limitation. If you are married and live in the same household, both yours and your spouse’s assets will count toward the asset limitation. The asset limitation for a married couple is $3,000. Please see https://www.ssa.gov/ssi/text-resources-ussi.htm for further information about countable assets.

Assuming that you are under the asset restriction, you may be entitled to SSI if you are disabled. The maximum SSI monthly payments in 2024 is $943 per month. Please note that in addition to the asset limitation, any income that you have will offset this $943 maximum amount. SSI goes month by month in looking at the income that you received versus the benefit that is payable. Any unearned income that you receive in a month (example- gifts, worker’s compensation, private insurance plans, disability insurance from Social Security on your work record) will offset this $943 monthly maximum essentially on a dollar for dollar basis. Any wages that you receive will offset this SSI maximum 50 cents on the dollar.

In addition to there being an offset for income, there is also an asset for help that others may be providing you. The most common offset is the rental offset. Because most people seeking SSI have few assets and very little to no income, they usually cannot afford to be paying rent while they await their award. Social Security takes this into account when setting your SSI monthly amount. Generally, your SSI maximum amount of $943 will be offset by 1/3 for any month that you lived somewhere where somebody else paid your rent or let you live with them rent free. Usually, this means that a client’s SSI winds up being about $605 per month. However, once you win your case and start paying rent, your monthly amount will increase to the $943 figure assuming that there are no other offsets.

In conclusion, in 2024, most clients receive $605 per month SSI for their back pay (the time between the application and when a favorable decision is made). And, they usually receive the maximum of $914 per month for the months after an award (assuming they are not also getting disability insurance benefits on their tax record under the Social Security Act).

Our attorneys are skilled at making sure that you get the most SSI possible. If you are looking for an experienced attorney to help you with your SSI application or appeal, please call us at the number on this website or contact us through our online form. We are happy to assist you and we offer free consultations. Also, we only get paid if you win your SSI case.