Final Social Security Payment Goes Out Next Week Seniors to Receive $1,400

Next week marks a significant date for seniors who qualify for Supplemental Security Income (SSI) benefits. The Social Security Administration (SSA) is set to distribute the final Social Security payment of over $1,400. This monthly benefit reaches approximately 72 million retirees, survivors, disabled individuals, and low-income seniors eligible for retirement, survivors, disability insurance (RSDI), and SSI.

SSI Benefits

Nearly 5 million low-income seniors, disabled people, and children receive Social Security payments through the SSI program. SSI aims to provide financial support to low-income seniors aged 65 or older, disabled individuals, and children under specific conditions to help cover their essential needs. Without these benefits, many recipients would struggle financially and potentially face poverty due to a lack of income and resources.

Key Payment Dates

So, when will the last Social Security payment hit SSI recipients’ bank accounts? With May being a month that includes a double SSI payment, all SSI recipients will receive their second payment on Friday, May 31st. After this payment, beneficiaries won’t receive another until July 1st. Additionally, SSI recipients should note that this double payment will occur again in August and November. Consequently, there will be no monthly benefits distributed in September or December.

Upcoming SSI Payment Dates

Here are the upcoming SSI payment dates for the remainder of the year:

• July: Monday, 1st
• August: Thursday, 1st
• August (September): Friday, 30th
• October: Tuesday, 1st
• November: Friday, 1st
• November (December): Friday, 29th

Additional Social Security Benefits

Some recipients might also be eligible for Social Security benefits besides their SSI. Applying for both benefits is streamlined through a single application form. However, the SSA often requires additional information to approve both benefits.

Payment Schedule for Social Security Benefits

For those receiving both benefits, here’s how the Social Security retirement payments are scheduled based on the beneficiary’s birthdate:

• 3rd of the month: Beneficiaries who claimed benefits before May 1997
• 2nd Wednesday: Birthdates between the 1st and the 10th
• 3rd Wednesday: Birthdates between the 11th and the 20th
• 4th Wednesday: Birthdates between the 21st and the 31st

SSI Payment Amounts

The SSI payment varies for each beneficiary, based on their income source and filing type. For instance, an individual who meets the financial conditions might receive an average of $698, with a maximum of $943. Couples who qualify might get up to $1,415 in monthly benefits, and those meeting the Essential Person (EP) criteria could receive an additional $472 per month.

Essential Person (EP) Criteria

To qualify as an essential person, recipients must meet specific requirements set by the SSA. An essential person is someone who has lived in the beneficiary’s home continuously or has been ineligible for state support since December 1973. Additionally, an EP must have never been eligible for SSI benefits as an individual or spouse. Given the high rate of application denials in this program, consulting a financial advisor or Social Security expert is advisable before submitting documentation.

Knowing the details and timing of SSI payments can help recipients plan their finances more effectively. The upcoming payments, the double payout months, and the eligibility criteria are crucial for beneficiaries to keep in mind. For those receiving both SSI and Social Security benefits, knowing the payment schedules can ensure they receive their due benefits on time.

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