Social Security update: $914 cash payment arrives in 21 days.
Federal Supplemental Security Income Program Beneficiaries to Receive First September Payment
According to the Social Security Administration’s calendar, beneficiaries of the Federal Supplemental Security Income (SSI) program can expect to receive their first payment for September in three weeks. This monthly installment, worth up to $914 for individual filers, will be disbursed on Friday, Sept. 1.
This payment is the first of two for the month, as there is a unique scheduling situation. The second payment, which will replace October’s check, will be sent out on Friday, Sept. 29. This adjustment is necessary because Sept. 30 and Oct. 1 fall on a weekend this year.
Double Payments for Beneficiaries
Typically, SSI recipients receive one payment per month. However, this year, beneficiaries will receive two checks in four months: March, June, September, and December. This is due to weekends falling on the first of the month in April, July, and October, as well as Jan. 1 being a holiday.
Despite the altered schedule, beneficiaries will still receive a total of 12 checks per year, as there are no payments in April, July, October, or January.
Qualifications for the Supplemental Security Income 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, have a physical or mental condition that significantly limits their daily activities for at least one year, or are expected to result in death.
Children can also be eligible for SSI payments if they are blind or have a physical or mental condition that seriously limits their daily activities for at least a year or is expected to result in death. Additionally, their parents must have limited income or savings.
The amount of money beneficiaries receive depends on their application and circumstances:
- Eligible couples can receive up to $1,371 every month.
- Individual filers can receive as much as $914 every month.
- Essential caregivers living with and caring for SSI recipients can receive up to $458 per month.
It’s important to note that not every recipient receives the maximum payout.
SSI payments have been issued since January 1974, and payment rates have increased annually for cost-of-living adjustments since 1975. The projected COLA increase for 2024 is approximately 3%, based on June’s numbers. The exact increase will be announced on Oct. 12.
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