Supplemental Security Income, commonly referred to as the SSI program, is meticulously calculated based on a range of factors that encompass an individual’s financial circumstances and living situation. These factors can include income, resources, marital status, and living arrangements. The Social Security Administration (SSA) employs a precise formula to determine the actual payment amount.
The SSA also has a strict calendar to deliver every month, right on time, the so expected money to the recipients. Typically, these payments are scheduled to be deposited on the first day of each month. However, if the first day falls on a weekend or a public holiday, the disbursement is rescheduled for the preceding business day. This is why, in September 2023, there will be two SSI payments.
Why you’ll get two SSI payments in September – Is that an extra check?
Beneficiaries of the SSI program can anticipate the disbursement of dual payments in the month of September 2023. The initial payment is scheduled for dispatch on September 1st, while the subsequent payment, serving as a substitute for the customary October disbursement, is set to be issued on September 29th.
This anomaly comes from a peculiar arrangement in the administration’s timetable, occurring when the initial day of the month coincides with a weekend in October. As a result, to guarantee that beneficiaries obtain a total of 12 disbursements annually, they receive dual payments in the months of March, June, September, and December. Meanwhile, disbursements are omitted in the months of April, July, October, and January. So, the answer is no: you’re not getting an extra payment, and you’ll get only 12 payments in the current fiscal year.
The maximum SSI payments you could apply for
Eligible couples have the potential to receive the maximum sum of $1,371 per month. Those who submit individual claims may be entitled to as much as $914 each month, while indispensable individuals who cohabit with and provide care for SSI beneficiaries receive a monthly allowance of up to $458.
Having said all this, we hope it’s clear that receiving two payments in September does not mean that you’re getting extra money, since it’s just the advancement of the payment for October.
The SSI program serves various groups of individuals, providing essential assistance to elderly citizens with limited income and resources. Additionally, it aids individuals with disabilities, both adults and children, who are unable to engage in substantial gainful activity, as well as blind individuals who meet the program’s eligibility criteria.
Why does the SSI program provide dual payments in September 2023?
The Supplemental Security Income (SSI) program is making dual payments in September 2023 because of the way its payment schedule works. Typically, SSI payments are made on the first day of each month. However, when the first day of a month falls on a weekend or a federal holiday, the Social Security Administration (SSA) issues the payment on the last business day of the previous month. This is to ensure that those dependent on SSI have the money they need by the first day of the month.
In 2023, October 1 falls on a Sunday. Therefore, the payment that would typically be made on October 1 will instead be made on Friday, September 29. This means that SSI recipients will receive two payments in September: one on September 1, as usual, and one on September 29, which is actually the payment for October.
SSI payments are either direct deposited into beneficiaries’ bank accounts or added to beneficiaries’ Direct Express cards, depending on the method the beneficiary has chosen. The second payment in September will be made using the same method.
Will the SSI benefits increase in 2024?
It is expected that the Social Security Cost-of-Living Adjustments (COLA) for the fiscal year 2024 are likely to experience a modest uptick compared to previous years. This expected increase is estimated to hover around 3%.
The Social Security Administration (SSA) employs the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to compute annual benefit adjustments. However, it exclusively considers the CPI-W figures from the third quarter of the present year in contrast to the same period in the previous year.
Currently, we have knowledge of the CPI-W for one month in Q3 2023, and if this figure remains constant throughout August and September, the boost in Social Security benefits for 2024 will approximate 2.5%. However, if we assume that the inflation index continues to rise at the same pace over the remaining two months of Q3 as it has over the last three months, the COLA for 2024 is likely to approach 3%. This index impacts on the SSI and Social Security Disability Insurance (SSDI) programs.
The Social Security SSDI program will also increase in 2024
The official announcement of the Social Security cost-of-living adjustment (COLA) for 2024 is pending from the SSA. However, gauging from recent inflation patterns and forecasts, numerous analysts and policy experts anticipate that the COLA for 2024 may hover around 3%.
The SSA calculates the COLA by examining the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) during the third quarter of the present year in comparison to the corresponding period in the preceding year. The definitive COLA figure for 2024 will be announced in mid-October.
Nevertheless, there exist certain variables that could sway the final determination of the COLA. For instance, a potential upswing in the Medicare Part B premium in 2024 could offset a portion of the COLA augmentation for Social Security beneficiaries who have their premiums deducted directly from their benefit disbursements. Additionally, the escalating expenses associated with Alzheimer’s medications covered by Medicare may also exert an influence on the ultimate benefit amount for 2024.