In the month of August, social security payments have been reduced in some cases. For all potential beneficiaries of this aid, it’s important to fully understand the reasons for this reduction in payments and who will be affected by this measure.
Known for its consistent and timely dispensation of funds, the Social Security Administration (SSA) is an organization upon which many individuals rely for retirement or disability income. These beneficiaries have become familiar with the established payment schedule and anticipate when their payments will be disbursed.
Social Security Why August 2023 Sees Only One Disbursement
At times, the calendar dictates that two payments should be disbursed within a single month. However, we wish to clarify that this will not be the scenario for the month of August 2023. Here at Solo Dinero, we are committed to shedding light on the rationale behind this decision.
This explanation specifically pertains to the beneficiaries of the Supplemental Security Income (SSI) program, a vital lifeline offering income to economically disadvantaged elderly individuals, individuals living with disabilities, and individuals who are blind.
Typically, these beneficiaries expect their payments to be made on the 1st of each month. Consequently, the payment slated for August has already been deposited earlier this week. The next disbursement will not occur until September, scheduled for September 1st.
There’s a unique quirk in the payment schedule whereby SSI beneficiaries receive two payments in the months of March, June, September, and December for the year 2023. Conversely, no payments will be dispensed in January, April, July, and October.
The remaining months, namely February, May, August, and November, will see beneficiaries receiving a single payment.
As for the specific sums disbursed, these are contingent upon each recipient’s individual circumstances. In 2023, the federal SSI benefit rate is set at $914 for a single individual and $1,371 for a couple pooling their finances. In some instances, states may elect to supplement these federal benefits by offering additional state income. Such a decision could culminate in a more substantial SSI benefit for the recipients.
Can states supplement federal SSI benefits?
Yes, states can supplement federal Supplemental Security Income (SSI) benefits. While SSI is a federal program, some states provide an additional amount known as a “state supplement” to certain people who receive SSI