Recipients of the Social Security Administration's Supplemental Security Income program will obtain their August payment in just four days, worth up to $914 for individual filers, according to the SSA's calendar.
The payment will go out on Aug. 1 and will be the first payment for recipients since a one-month gap that encompassed July. June saw a double payment as a result, because there were no payments in July, due to July 1 falling on a weekend.
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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 next month that will see two payments is September, when recipients will also receive October's payment, because Oct. 1 is on a weekend. Recipients will receive the payment on Friday, Sept. 29, because Sept. 30 is also a weekend.
The amount of money that beneficiaries receive depends on how they file for the payment. Eligible couples can receive up to $1,371 each 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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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.