Upcoming Payment for Social Security Administration’s Supplemental Security Income Recipients: Expect a Monthly Installment of Up to $914 for Individual Filers within Two Weeks, as per SSA’s Schedule.Recipients are set to receive their next monthly payment, amounting to a maximum of $914 for individual filers, on August 1, 2023. This payment will be the first one since June, as there were no payments issued in July.”
Normally, beneficiaries receive a single paycheck each month. However, in months where the first day falls on a weekend, recipients will receive their check on the last business day of the preceding month to ensure timely payment by the first. Let’s learn more about the dates and conditions of this Social Security payment.
Payment Schedule and Amount Variations for Social Security Beneficiaries
Throughout this year, there are four months when beneficiaries will receive two checks: March, June, September, and December. This occurrence is due to the first day of the month landing on a weekend in April, July, and October, and because January 1st is always a holiday. This adjusted schedule ensures that beneficiaries still receive a total of 12 checks per year, with some months having two payments while others have none.
The amount of money beneficiaries receive varies depending on their filing status for benefits. For individuals filing independently, the maximum monthly payment is $914. Eligible couples receive up to $1,371, and essential persons—those living with SSI recipients and providing necessary care—receive a monthly payment of up to $458, as reported by the SSA. It’s important to note that not all recipients receive the maximum payout, as individual circumstances may affect the final amount.”
Eligibility and Payment History of Social Security Benefit
To be eligible for the Social Security benefit, which differs from regular retirement paychecks, individuals must be over 65 years old and meet specific financial criteria. Additionally, qualifying recipients may be partially blind or experience “physical or mental condition(s) that significantly limit their daily activities for a duration of 12 months or more, or are expected to result in death.”
The Social Security benefit payments were initially introduced by the SSA in January 1974, and since 1975, they have undergone adjustments to account for cost-of-living changes, as reported by the agency. Notably, the COLA for 2024 is anticipated to receive an approximate 3% increase, based on June’s figures.