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.
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