Participants of the federal Supplemental Security Income program receive their first payment for September, worth up to $914 for individual filers, in 24 days, according to the Social Security Administration's calendar.
The monthly installment will be sent out on Sept. 1 and is the first of two payments for the month because of a scheduling kink in the administration's schedule. Recipients will receive a second payment that replaces October's monthly payment on Friday, Sept. 29, because Sept. 30 and Oct. 1 are on a weekend this year.
SOCIAL SECURITY UPDATE: DIRECT PAYMENT WORTH UP TO $4,555 GOES OUT TO MILLIONS IN TWO DAYS
The amount of money that beneficiaries receive depends on how they file for the benefits. Eligible couples can receive the highest amount of up to $1,371 every month. Those who file independently can see as much as $914 every month, and essential people who live with and care for people receiving SSI payments get a monthly payment of up to $458, according to the SSA. But not every recipient receives the maximum payout.
In order 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. Even children can qualify under the second set of requirements if their parents have limited income or savings.
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Recipients normally just get one payment every month, but in four months this year, beneficiaries get two checks because of a quirk in the administration's schedule. Recipients get two checks in March, June, September, and December this year. This is because the first of the month falls on a weekend in April, July, and October and Jan. 1 is always a holiday. This adjusted schedule ensures that beneficiaries still get 12 checks per year because there are no payments in April, July, October, or January.
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 the most recent numbers, but the exact number for the increase will not be known until Oct. 12.
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August 08, 2023 at 05:30PM
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