Recipients of the Social Security Administration's Supplemental Security Income program will receive their monthly payment for August, worth up to $914 for individual filers, in two days, according to the administration's disbursement calendar.
The payment will go out on Aug. 1 and will be the first payment for recipients since a one-month gap that skipped July. June saw a double payment due to July 1 falling on a weekend.
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The amount of money 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.
Recipients normally get just one payment each month, but there are four months this year when 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 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, because Oct. 1 is on a weekend. Recipients will receive the payment on Friday, Sept. 29, because Sept. 30 is also 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 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.
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.