There is just one week until recipients of the Social Security Administration’s Supplemental Security Income program will receive their August payment, worth up to $914 for individual filers, according to the SSA’s schedule.
The payment will go out on Aug. 1, and it 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, meaning that recipients got their July payment in June instead. If the first falls on a holiday, then the disbursement will also go out early.
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This year, there are four months 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 get 12 checks per year.
The amount of money beneficiaries receive depends on how they file for the payment, 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 can 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 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 lead to an approximately 3% increase based on June’s numbers.
