Social Security update: $914 direct payment arrives Tuesday.
Recipients of Social Security Administration’s Supplemental Security Income Program Receive August Payment
According to the administration’s calendar, recipients of the Social Security Administration’s Supplemental Security Income (SSI) program received their August payment on Tuesday. This is the first payment since June, and it brings much-needed financial relief to individuals and couples who rely on this program.
The payment, which was sent out on August 1, marks the end of a one-month gap in payments that occurred in July due to a scheduling issue. In June, recipients received a double payment to make up for the missed payment in July.
Payment Amounts Vary Based on Category
The amount of money beneficiaries receive depends on the category they file under. Eligible couples can receive up to $1,371 each month, while individuals can receive up to $914. Additionally, essential caregivers who live with and care for SSI recipients can receive a monthly payment of up to $458.
It’s important to note that not every recipient receives the maximum payout. Payment amounts are determined based on individual circumstances and financial need.
Adjusted Payment Schedule
Typically, recipients receive one payment per month. However, there are four months each year when beneficiaries receive two checks. These months are March, June, September, and December.
This adjusted schedule ensures that beneficiaries still receive a total of 12 checks per year. In April, July, October, and January, recipients do not receive a payment due to the first of the month falling on a weekend or a holiday.
The next month that will see two payments is September. Recipients will receive both September and October’s payments on Friday, September 29, as October 1 falls on a weekend.
Qualifications for the SSI Program
In order to qualify for the Supplemental Security Income program, individuals must be over 65 and meet specific financial requirements. Those under 65 may also qualify if they are partially blind or have a physical or mental condition that significantly limits their daily activities for at least one year or is expected to result in death.
The SSI program has been providing financial assistance since January 1974, and payment rates have increased over the years to account for cost-of-living adjustments. Based on June’s numbers, the cost-of-living adjustment for 2024 is projected to be approximately 3%.
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