There are only five more days until recipients of the Social Security Administration's Supplemental Security Income program receive their August payment, worth up to $914 for individual filers.
The payment will go out Aug. 1 and will be the first payment for recipients since June because there were no payments in July. The gap was because the first of July had fallen on a weekend, giving recipients the July payment at the end of June instead.
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The next time two payments fall in the same month is in September when recipients will receive September's and October's payments. October's payment will be received on Friday, Sept. 29, because Sept. 30 is a Saturday, and Oct. 1 is a Sunday.
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. Jan. 1 is always a holiday. This adjusted schedule ensures that beneficiaries still get 12 checks per year.
The amount of money that beneficiaries receive depends on how they file for the payment. 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 Supplemental Security Income 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.
The SSI payments were first issued by the administration in January of 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.