Millions of Supplemental Security Income recipients will get their August payment, worth up to $914 for individual filers, in less than a week, according to the Social Security Administration's schedule.
The payment will go out in three days, on Aug. 1, 2023, and it marks the first payment for recipients since June because there were no payments in July due to July 1st falling on a weekend. Recipients got their July payment at the end of June instead.
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This year, there are four months when the beneficiaries get two checks: March, June, September, and December. This is because the 1st of the month falls on a weekend in April, July, and October. Jan. 1 is always a holiday. This adjusted schedule ensures that beneficiaries still get 12 checks per year.
The next time two payments will fall in the same month is in September, when recipients will receive September's and October's payments. October's payment will be received two days early, on Friday, Sept. 29, because Sept. 30 is a Saturday and Oct. 1 is a Sunday.
To qualify for the Supplemental Security Income program, a person has to be over 65 and meet specific financial requirements. Those under 65 could also qualify if they are at least partially blind or have a physical or mental condition that seriously limits their daily activities for at least one year, or is expected to result in death.
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The amount of money beneficiaries receive depends on how they file for the payment. Recipients who file individually receive a maximum of $914 every month. Eligible couples receive up to $1,371 each month, and essential persons, who live with people receiving SSI payments and provide them with necessary care, get a monthly payment of up to $458, according to the SSA. Not every recipient receives the maximum payout.
The SSI payments were first issued by the administration in January 1974, and payment rates have increased for cost-of-living adjustments since 1975, according to the agency. The COLA for 2024 is expected to be an approximately 3% increase based on June's numbers.
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