There are just over two weeks until the first of two payments from the federal Supplemental Security Income program for September, worth up to $914 for individual filers, will go out to recipients, according to the Social Security Administration's calendar.
The first payment will be disbursed in 15 days, on Friday, Sept. 1, and is the first of two payments for the month. The second payment in September will go out Friday, Sept. 29, because Sept. 30 and Oct. 1 are on a weekend this year. The second check will replace October's payment and is the result of a scheduling kink in the administration's schedule.
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Recipients generally receive just one payment each month, but in four months this year, the beneficiaries get two checks. These months are March, June, September, and December because the first of the month is on a weekend in April, July, and October. Jan. 1 is always a holiday. They will not see payments in April, July, or October or in January 2024.
To qualify for the Supplemental Security program, a person has to be over 65 and meet specific financial requirements. Those under 65 could also qualify if they are at least partially blind or have a physical or mental condition that seriously limits their daily activities for at least one year or is expected to result in death.
Children can also qualify for the payments under the second group if their parents have limited income or savings.
The amount of money beneficiaries receive depends on the category they used to apply for the benefits. Married couples that are eligible can receive the highest amount of up to $1,371 every month. Those who file independently can see as much as $914 every month, and essential people who live with and care for people receiving SSI payments get a monthly payment of up to $458, according to the SSA. But not every recipient receives the maximum payout.
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The SSI payments are separate from regular retirement payments issued by the Social Security Administration, which has a minimum age of 62 to receive the checks.
SSI payments were first issued by the administration in January 1974, and payment rates have increased for annual cost-of-living adjustments since 1975, according to the agency. The COLA increase for 2024 is currently projected to be approximately 3% based on June's numbers, but the exact increase will not be released until Oct. 12. The COLA for 2023 was just over 8%.