Recipients of the Social Security Administration’s Supplemental Security Income payment will get their next monthly installment, worth up to $914 for individual filers, in just under two weeks, according to the SSA’s schedule.
The payment will go out on Aug. 1, 2023, marking the first payment for recipients since June because there were no payments in July.
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Recipients normally receive one paycheck each month, but in months in which the first falls on a weekend, beneficiaries will get the check on the last business day of the previous month to ensure recipients get the money by the first.
This year, 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 this year and Jan. 1 is always a holiday. This adjusted schedule ensures that beneficiaries get 12 checks per year, even though they receive two checks in some months and none in others.
There is also some variation in the amount of money that beneficiaries receive, depending on how they file for the benefits. Recipients who file individually receive a maximum of $914 every month, eligible couples receive up to $1,371, and essential persons, or those 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 Social Security benefit, which is different than the usual retirement paychecks, a person has to be over 65 and meet specific financial requirements. Qualifying recipients can also be at least partially blind or have a “physical or mental condition(s) that very seriously limits their daily activities for a period of 12 months or more or may be expected to result in death.”
The SSI payments were first issued by the SSA in January 1974, and payment rates have increased for cost-of-living adjustments since 1975, according to the agency. The COLA for 2024, however, is expected to receive an approximately 3% increase based on June’s numbers.
