Preparing for the SSI application, continued
Additionally, you’ll need to provide proof of age.
This includes:
- A public birth record recorded before age five
- A religious birth record recorded before age five
- Other documents showing your age or date of birth
Preparing for the SSI application
When applying for Supplemental Security Income benefits, you’ll need to provide specific items.
You may not need all of the following documents as sometimes one document can substitute for another.
Applicants must provide a Social Security number to apply and if you need one, a number will be assigned at the time Social Security entitles you to SSI benefits.
The National Average Wage Index
The national average wage index for 2021 is 60,575.07. The index is 8.89 percent higher than the index for 2020.
The SSA uses the average wage indexing series to update several amounts that are important to the operation of Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program.
Factors that impact Social Security programs
There are several important factors that affect multiple Social Security programs: Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program and the Supplemental Security Income (SSI) program.
The SSA determines these parameters each October by following formulas set by law. Two important parameters are the national average wage index and the cost-of-living adjustment (COLA).
Study finds Americans are losing out on $182,000 in Social Security
New research from economists at Boston University and the Federal Reserve Bank of Atlanta found American retirees are making a mistake that can cost them $182,000 in lifetime benefits, CBS News reported.
While the Social Security Administration pays full benefits at the “full retirement age” (which is anywhere from 66 to 67 years old depending on when you were born), retirees can claim the benefits when they turn 62.
However, this brings an overall 30 percent decrease in monthly payments.
If you wait until 70, however, you will get a 32 percent boost in payments.
Since only 6 percent of American workers wait until 70 to claim Social Security, most Americans are missing about $182,000 in payments by claiming Social Security early, the study found.
Negative impacts of a high COLA
Boosts in benefits are not always welcomed, as some of them can push people out of the income threshold required for other assistance programs.
A study done by The Senior Citizens League from May to July showed that 14 percent of participants had their low-income assistance reduced due to their COLA.
Another 6 percent had lost access to one or more programs when the COLA boosted their income over the allowed limit.
