by Rachel Schilke, Breaking News Reporter
October 05, 2022 09:24 AM
Those receiving Social Security benefits will see their monthly payments worth $1,657 beginning in seven days.
Social Security recipients' payments will be sent out according to their birth dates, beginning on Oct. 12. People born between Oct. 1 and Oct. 10 will receive their payments first.
STIMULUS UPDATE: DIRECT ONE-TIME PAYMENTS WORTH $1,050 WILL START GOING OUT NEXT MONTH IN CALIFORNIA
Those with a birthday after Oct. 10 will have to wait at least another week before receiving a check, according to the calendar released by the Social Security Administration.
Recipients should note that there is a difference between Social Security benefits and Supplemental Security Income, which are two separate programs. Social Security benefits are largely based on earnings throughout a person's lifetime with no income or resource limit.
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Meanwhile, SSI is a needs-based program intended for those with limited income and resources. The program's benefits are paid for by general tax revenues and can vary based on federal and state laws.
As a seasoned financial expert with a background in economic analysis and a thorough understanding of government benefit programs, I can confidently provide insights into the article titled "Money" by Rachel Schilke, dated October 05, 2022.
Firstly, the article discusses the imminent change in the monthly payments for Social Security recipients, set at $1,657, scheduled to begin in seven days from the publication date. This adjustment is crucial information for beneficiaries, as it outlines the specifics of when the payments will be disbursed. The Social Security Administration has organized the distribution based on recipients' birth dates, with individuals born between October 1 and October 10 receiving their payments first, starting on October 12.
I'd like to emphasize that the accuracy of this information is paramount, especially for those relying on Social Security benefits. The article correctly highlights the distinction between Social Security benefits and Supplemental Security Income (SSI). Social Security benefits are earned through a person's lifetime earnings, with no income or resource limit, showcasing a fundamental understanding of the program's structure.
Moreover, the article touches on the Supplemental Security Income (SSI) program, which is need-based and intended for individuals with limited income and resources. This component is particularly important as it clarifies that SSI benefits are funded by general tax revenues and can vary based on federal and state laws. This demonstrates an awareness of the broader financial landscape and the intricate details that govern government assistance programs.
In conclusion, the "Money" article provides valuable information about changes in Social Security payments, including the specific amount and the schedule for disbursem*nt based on birth dates. The author also adeptly distinguishes between Social Security benefits and Supplemental Security Income, showcasing a nuanced understanding of the intricacies of these two distinct programs. This information is crucial for readers, especially Social Security recipients, as it empowers them with knowledge about their financial well-being.
