Recipients of the Social Security Administration's Supplemental Security Income program will obtain their monthly payment for August in one day, worth up to $914 for individual filers, according to the administration's disbursement calendar.
The payment will go out on Tuesday, and it will be the first payment for recipients since June, when a one-month gap skipped payments in July due to a scheduling kink in the administration's calendar. June received a double payment as a result due to July 1 falling on a weekend.
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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 may 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.
Recipients normally get just one payment each month, but there are four months this year 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 get 12 checks per year. The recipients do not see a payment in April, July, October, or January.
The next month that will see two payments is September, when recipients will also receive October's payment, as Oct. 1 is on a weekend. Recipients will receive the payment on Sept. 29 because Sept. 30 is also a weekend.
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The amount of money that beneficiaries receive depends on what category they filed under. 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.
SSI payments were first issued by the administration in January 1974, and payment rates have increased for cost-of-living adjustments since 1975, according to the agency. The cost-of-living adjustment for 2024 is expected to be an approximately 3% increase based on June's numbers.