Recipients of the Social Security Administration's Supplemental Security Income payment will get their payment for August, worth up to $914 for individual filers, in 12 days, according to the SSA's schedule.
The payment will go out on Tuesday, Aug. 1, 2023, and will be the first payment for recipients since June because there were no payments in July. This was because of a scheduling quirk in the SSA's calendar.
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Recipients normally receive one paycheck each month, which is released on the first day of the month. But in months when the first falls on a weekend, beneficiaries will get the check on the last business day of the previous month so recipients can have the money by the 1st.
This year, there are four months when the beneficiaries get two checks: March, June, September, and December. This is because the first of the month falls on a weekend in April, July, and October this year, and Jan. 1 is always a holiday. This adjusted schedule ensures that beneficiaries still get 12 checks per year, even though they receive two checks in some months and none in others.
There is also some variation in the amount of money that beneficiaries receive, depending on how they file for the benefits. Recipients who file individually receive a maximum of $914 every month, and eligible couples receive up to $1,371. Essential people who live with people receiving SSI payments and provide them with necessary care get a monthly payment of up to $458, according to the SSA.
Not every recipient receives the maximum payout.
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To qualify for the Social Security benefit, which is different than the usual retirement paychecks, a person has to be over 65 and meet specific financial requirements. Or they could be at least partially blind, or have a physical or mental condition that seriously limits their daily activities for at least one year, or may be "expected to result in death."
The SSI payments were first issued by the SSA in January 1974, and payment rates have increased for cost-of-living adjustments since 1975, according to the agency. The COLA for 2024 is currently expected to be an approximately 3% increase based on June's numbers.