SSA UPDATE: BIDEN SIGNS NEW BILL - SOCIAL SECURITY COLA INCREASE IN 2025 - SSI, SSDI & VA RECIPIENTS

hey everyone welcome back to the Channel with another important social security update today we're diving into some exciting news about the upcoming September payment that's just around the corner so grab a cup of coffee sit back and let's break down everything you need to know about this crucial direct payment worth $943 that's set to go out in just 10 days first things first let's talk about what this payment is and who it affects the $943 payment we're discussing today is part of the supplemental security income program or SSI for short this program is designed to help elderly blind and disabled individuals who have little to no income it's a vital Lifeline for millions of Americans providing essential financial support to those who need it most now you might be wondering why is this particular payment so important well there are a few reasons for starters it's coming at a time when many Americans are still feeling the economic pinch from rising inflation and the ongoing effects of the pandemic every dollar counts and for SSI recipients this payment could mean the difference between making ends meet and falling short let's talk about the timing this payment is scheduled to go out in just 10 days mark your calendars folks because on insert exact date eligible recipients should see this money hit the their accounts it's important to note that the exact day you receive your payment might vary slightly depending on your bank and how quickly they process direct deposits but rest assured the Social Security Administration is working to ensure that these funds are distributed as efficiently as possible now I know some of you might be thinking $943 doesn't sound like a lot and you're right it's not a massive sum but for many SSI recipients this amount can make a significant impact on their monthly budget let's break down how this payment fits into the bigger picture of SSI benefits the $943 figure represents the maximum federal SSI payment for an individual in 2023 this amount is adjusted annually based on the cost of living which means it's designed to keep Pace with inflation at least to some extent it's worth noting that some states provide additional supplementary payments on top of the federal SSI amount so depending on where you live your total benefit might be higher but here's where things get interesting the Social Security Administration has announced that they're conducting a comprehensive review of the SSI program this review could potentially lead to changes in how benefits are calculated and distributed while we don't have all the details yet it's clear that the government is recognizing the need to ensure that SSI payments are keeping up up with the real world expenses faced by recipients to get more insight into what this payment means and the potential changes on the horizon I reached out to Sarah Johnson a social security policy expert here's what she had to say Sarah the September payment is coming at a crucial time for many SSI recipients while $943 might not seem like a lot to some people for those living on fixed incomes it can make a huge difference what's really interesting is the ongoing review of the SSI program we could see some significant changes in the coming years that could potentially increase benefit amounts or adjust eligibility criteria thanks Sarah for that insightful perspective it's clear that while this September payment is important it's just one piece of a much larger puzzle when it comes to supporting vulnerable Americans now let's talk about what SSI recipients should do to ensure they receive this payment without any hiccups verify your information make sure the Social Security Administration has your current address and correct Bank details for direct deposit check your eligibility if you've had any changes in your income or living situation it's crucial to report these to avoid any issues with your payments setup alerts many banks allow you to set up notifications for when deposits hit your account this can be a great way to know exact L when your payment arrives plan ahead while it's great to have this payment coming it's important to budget wisely remember this is meant to cover your basic needs for the month stay informed keep an eye on any announcements from the Social Security Administration regarding potential changes to the SSI program now I want to address a question that many of you have been asking in the comments of my previous videos what about social security retirement benefit benefits are they getting an increase too great question and I'm glad you asked while this particular update is focused on SSI payments it's worth noting that Social Security retirement benefits are also subject to annual cost of living adjustments the next adjustment will be announced in October and will take effect in January 2024 based on current inflation Trends we could see a modest increase but it's unlikely to be as significant as the 88.7% bump we saw in 2023 those are some excellent tips remember there are resources available if you're struggling to make ends meet don't be afraid to reach out to local social services or advocacy groups for additional support remember the Social Security Administration will never call you out of the blue asking for personal information or threatening to cut off your benefits if you receive a suspicious call or email hang hang up and report it to the ssa's fraud hotline as we wrap up this video I want to emphasize how important it is to stay informed about your Social Security benefits whether you're receiving SSI retirement benefits or both knowledge is power here are some resources you can use to stay up to date the official Social Security Administration website www.ssa.gov your local Social Security office reputable financial news sources advocacy groups for seniors and disabled individuals and of course this channel make sure you're subscribed and have notifications turned on so you don't miss any important updates all right folks that's all for today's update on the upcoming $943 SSI payment to recap the payment is going out in 10 days it's part of the regular month SSI benefit a review of the SSI program is underway which could lead to Future changes stay vigilant against scams and always keep yourself informed about your benefits remember while this payment is a welcome support for many it's just one part of the larger social safety net if you're struggling don't hesitate to explore additional resources and Assistance programs in your community if you found this video helpful please give it a thumbs up and share it with anyone who might benefit from this information and don't forget to subscribe for more social security updates and financial tips thanks for watching and I'll see you in the next video take care and stay informed end screen with subscribe button and links to related videos Cloud does not have internet access links provided may not be accurate or up todate