Social Security update: $914 cash payment arriving in 24 days.
Exciting News for Supplemental Security Income Program Participants!
Get ready for some great news! If you are a participant in the federal Supplemental Security Income program, mark your calendars for September 1st. That’s the day you’ll receive your first payment for the month, and it could be worth up to $914 for individual filers! But wait, there’s more…
Due to a scheduling kink in the administration’s calendar, you’ll actually receive two payments in September. The second payment, which replaces October’s monthly payment, will be sent out on Friday, September 29th. Why the extra payment, you ask? Well, it’s because September 30th and October 1st fall on a weekend this year. So, get ready to enjoy a double dose of financial support!
How Much Will You Receive?
The amount of money you’ll receive depends on how you file for the benefits. Eligible couples can receive up to $1,371 every month, while independent filers can expect as much as $914. If you are an essential person who lives with and cares for someone receiving SSI payments, you could receive a monthly payment of up to $458. Keep in mind that not every recipient receives the maximum payout, but it’s still a significant boost to your income.
Who Qualifies for the Program?
In order to qualify for the Supplemental Security Income program, you must be over 65 and meet specific financial requirements. However, even if you are under 65, you could still qualify if you are partially blind or have a physical or mental condition that seriously limits your daily activities for at least one year or is expected to result in death. Yes, even children can qualify under certain circumstances if their parents have limited income or savings.
So, if you or someone you know meets these criteria, don’t miss out on this valuable program!
For more information, click here to read more from The Washington Examiner.
Why the Extra Payments?
Now, you might be wondering why you’re receiving two payments in September. Well, it’s all because of a quirk in the administration’s schedule. This year, beneficiaries get two checks in March, June, September, and December. The reason for this is that the first of the month falls on a weekend in April, July, and October, and January 1st is always a holiday. But don’t worry, this adjusted schedule ensures that you still receive 12 checks per year, even though there are no payments in April, July, October, or January.
Did you know that SSI payments have been issued since January 1974? That’s right! And the payment rates have increased for cost-of-living adjustments since 1975. Speaking of which, the COLA for 2024 is expected to be approximately a 3% increase. Exciting stuff! Keep an eye out for the exact number, which will be announced on October 12th.
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