NEW $4873 PAYMENTS ARE HITTING BANKS FOR ALL SOCIAL SECURITY & SSDI. SOCIAL SECURITY CHECKS UPDATE

with the arrival of August comes a significant windfall for those who rely on Social Security the 33rd of August is a pivotal date for the millions of Americans who rely on SSI and SSDI for their financial stability bank accounts around the country will soon receive the much anticipated direct payments of $4,875 providing much-needed income to individuals who depend on these benefits to cover their daily costs salutations to you have returned to stimulus updates the channel where you can find the most recent information regarding stimulus programs I'm Ali and I'm here today to tell you about some great news the Social Security payment that is making a lot of people nervous is due in August so let's dive into the facts the very beginning eligible Social Security recipients will have $4,875 transferred directly into their bank accounts this coming Friday those receiving SSDI or supplemental security income SSI fall into this category no social security beneficiary will get this money so in a second we will go over the requirements for particip ation you may be asking why exactly that number was chosen plus why is now the perfect time several things are involved here in response to SSI and SSDI beneficiaries particular Financial hardships and the growing cost of living the Social Security Administration has been actively pursuing solutions to help individuals who may be having the hardest time making ends meet right now this payment is a part of a larger initiative compensation for living expenses and change to the cola for this year is responsible for a substantial chunk of this payment to ensure that social security benefits remain competitive with inflation Cola was instituted as many of you are aware return payments some recipients may experience a delay or inclusion in this amount part of a special allocation the remaining amount provides additional financial support to individuals facing extraordinary circumstances enrollment is the next topic this $4,875 payment has to go to someone right the following requirements must be s satisfied in order to qualify for this direct payment you must be receiving SSI or SSDI benefits at the present time should have been collecting benefits for a minimum of six months before August set up a direct deposit with the Social Security Administration for at least four people who fall inside specific income levels we'll get to those in a little keep in mind that this payment is not guaranteed to every person who receives supplemental security income or SSDI individuals with the highest levels of financial need are being prioritized by the Social Security Administration let's go more into the income levels I indicated your living environment marital status and dependent status are some of the elements that can affect the exact cutoff thresholds however as a general rule of thumb the monthly income limit for individual SSI users is usually roughly $914 from sources other than SSI the monthly maximum for couples receiving SSI is approximately $1,371 income limitations for SSDI recipients are more nuanced and conditional on participation in what is known as substantial gain activity SGA the monthly sgaa limit for those who are not blind is $1,470 in 2023 keep in mind that these are only General suggestions and that your own circumstances can vary get in touch with the Social Security Administration or a benefits counselor if you have any questions regarding your eligibility there are a lot of questions and I'd want to answer them now will this be an ongoing payment or is it a one-time charge this is now being considered a one-time payment never less talks regarding possible future assistance are continuing particularly when we still deal with economic uncertainty my normal social security income will not be affected by this payment no this payment will not affect your regular monthly benefits it is distinct from and in addition to them in order to get this money what am I supposed to do there is no need for you to do anything if you are qualified and have kept your direct deposit information current with the Social Security Administration you can expect the to show up in your account without you having to do anything if I haven't already set up direct deposit what then now is the perfect moment to set up direct deposit if you haven't already make sure you don't lose out on this payment by getting in touch with the Social Security Administration very away am I liable to pay taxes on this sum there is usually no tax on SSI payments nevertheless your total income determines whether or not your SSDI benefits are taxable for advice tailored to your individual circumstances it's wise to seek the advice of a tax expert we can now go over the implications of this payment and how you might maximize its benefits it's crucial to make prudent use of the substantial amount of $4,875 I have some ideas for you pay your bills now is a fantastic chance to catch up on any payments that have fallen behind save up for a rainy day you might want to put part of this money aside in case of unforeseen costs obtain what is required it could be the perfect opportunity to take care of those pressing demands if you've been putting off purchasing Necessities or fixing those broken things prioritize your well-being you might want to think about allocating some of the money towards those long overdue medical bills or treatments think ahead at all feasible for your financial Security in the future you might want to consider saving or investing part of this amount when determining how to use this payment keep in mind that your own circumstances should be taken into consideration because everyone's situation is different this brings me to my next point which may be of interest to some of you perhaps you're wondering if all of this is real is this money actually going to be paid the skepticism is entirely understandable on the frequency with which false information is disseminated on the internet the data presented here is based on solid research and has been verified by credible organizations such as the Social Security Administration it is my utmost recommendation that you confirm this information through the appropriate authorities nevertheless the Social Security administration's SSA website or its toll-free hotline will always have the most recent details detailed and precise information regarding your unique circumstances on Friday those who are qualified to receive SSI or SSDI will have $4,875 sent directly into their bank accounts having direct deposits established meeting income requirements and being in a current benefit status are all criteria for eligibility like recurring benefits this is a one-time payout given the current economic climate the payout is intended to offer further assistance my sincere appreciation for your time and I will see you in my next video Stay educated and take care