Social Security update: $914 cash payment arrives in 9 days.

The Next Installment of Supplemental Security ‌Income Program

The‌ Social Security Administration’s Supplemental Security Income program⁢ is set to distribute the⁣ next installment of payments, worth up to $914 for individual filers, in just nine days. According to the SSA’s schedule, millions of recipients will receive their payment on ‌Tuesday, Aug. 1.

This payment holds significant⁢ importance as ‍it marks the first payment for recipients since June. Due ⁣to the absence ⁣of payments in July, it will⁣ also be the only payment they receive in August.

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Typically, recipients receive one payment per​ month. However, this year, there are four months in which two payments are delivered in the⁢ same ⁢month: March, June, September, and December. This adjustment is necessary ⁣because ⁢the first of the month falls ⁢on a weekend ⁤in ⁣April, July, and October, and Jan. 1 ⁣is​ always a holiday. ⁢Rest ⁢assured, beneficiaries will still receive their 12 checks per year.

The maximum amount of money beneficiaries receive varies‌ based on ‍their filing status. Individual filers can receive up to $914 ⁣per month, while ⁢eligible couples can receive up to $1,371.

Essential persons,​ who live with ⁢SSI recipients ⁤and provide⁤ them with necessary care, receive a monthly payment of⁤ up‍ to $458. It’s important ⁢to note that ⁢not every⁣ recipient ⁣receives the maximum payout.

To qualify for SSI payments, individuals must be over ⁣65 and meet specific financial requirements. They can also qualify if they are partially blind or have physical or mental conditions that significantly limit their daily activities for at least ⁣12 months or may result in death.

Click here to⁤ read more from‍ The Washington Examiner.

These​ payments are separate from regular Social Security benefits received by retirees. However, ⁢those who qualify ‍for both will receive SSI payments in addition to their retirement benefits.

The SSA‍ first issued SSI payments in January⁢ 1974, and payment ⁣rates have increased for cost-of-living ⁣adjustments ‌since 1975. Based on June’s numbers, the ‌cost-of-living adjustment ⁣for 2024 is expected to be approximately a 3% increase.