The next installment of the Social Security Administration’s Supplemental Security Income payment, worth up to $914, will go to beneficiaries in 17 more days, according to the SSA’s schedule.
The payment will go out on Tuesday, Aug. 1, 2023, and will mark the first payment for recipients since June because there were no payments in July. June saw two payments because of a scheduling quirk that placed July’s payment at the end of June.
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The adjusted schedule ensures that beneficiaries still get 12 checks per year, even though they receive two checks in some months, and none in others. There are four months in which two payments are delivered in the same month this year: 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.
There is 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 SSI, a person has to be over 65 and meet specific financial requirements, 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 payments are separate from normal Social Security benefits that go out to retirees.
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 be an approximated 3% increase so far, based on June’s numbers.
