Great news for SSI recipients! The Supplemental Security Income (SSI) program has confirmed that another round of payments will be made to eligible individuals in less than 18 days. On Monday, July 1st, SSI recipients will receive a Social Security payment worth up to $943.
These disability benefit payments are specifically for low-income seniors, disabled individuals, and certain children who meet SSI guidelines regarding income and resource limits. Unlike the Social Security Disability Insurance (SSDI) program, SSI recipients do not need to have contributed to Social Security before becoming disabled.
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Eligibility and Amounts
Depending on their eligibility, recipients can receive up to a certain maximum amount. Categories include single filers, joint filers, and significant others who live with SSI recipients to provide necessary care. Couples filing jointly can receive up to $1,415 per month, and dependents can receive up to $472.
These amounts have increased by 3.2% from the previous year due to inflation. To qualify for SSI payments, individuals must be at least partially blind or suffer from a medical or mental condition that severely limits their ability to perform daily activities for at least one year or that is expected to result in death.
Importance
The purpose of Supplemental Security Income (SSI) is to provide a monthly SSI payment to approximately 5 million low-income seniors aged 65 and older, disabled individuals, and children in specific situations who would otherwise struggle to meet their basic expenses. Besides offering a steady income, the SSI program also provides an annual cost-of-living adjustment to monthly benefits. This increase helps SSI recipients keep up with rising inflation and maintain their purchasing power.
SSI payments provide a critical stream of cash for basic expenses like food, housing, and utilities. For many, these payments are often the only source of income, which is vital for their basic existence. The Census Bureau reports that the majority of SSI recipients (62%) were employed and between the ages of 18 and 64. Seniors make up 25% of recipients, and children account for 12%.
SSI Recipients in 2024
SSI benefits are paid by the Social Security Administration (SSA) on the first day of each month. However, if the first day of the month falls on a holiday or weekend, the payment is made on the last day of the previous month. Here are the upcoming SSI payment dates for 2024:
- Friday, May 31 (for June)
- Monday, July 1
- Thursday, August 1
- Friday, August 30 (for September)
- Tuesday, October 1
- Friday, November 1
- Friday, November 29 (for December)
You can always check the official payment schedule announced for the year for more information about your monthly Social Security payment from the Social Security Administration.
Double Social Security Payment
August brings another piece of good news: a double SSI payment for individuals with limited income and resources who are blind, 65 years or older, or have a qualifying disability. Blind, disabled, or disabled children may also qualify for these double payments.
The SSA administers these benefits to provide financial assistance to those in need. In August, average recipients, individuals, and couples will receive $1,316, $1,886, and $2,830, respectively.
Monthly Benefits
The Social Security Administration (SSA) has announced another increase in monthly benefits expected later this year. The SSA will double SSI payments for beneficiaries, reflecting changes in the Cost of Living Adjustment (COLA).
Payment dates and benefit amounts should be understood as the SSA modifies payments in response to these adjustments. If your doubled SSI payment does not arrive on the scheduled date, allow at least three mailing days before calling. Direct deposit payments should be available on the scheduled date, although the exact time may vary depending on your bank’s processing.
Wrapping It Up
The return of the $943 Social Security payment on July 1st is a crucial development for millions of low-income seniors, disabled individuals, and specific children who rely on SSI. Staying informed about payment dates and eligibility criteria is essential for beneficiaries. The upcoming double payment in August and potential increases later this year highlight the SSA’s ongoing efforts to support those in need amidst rising inflation.
FAQs
When will the next $943 SSI payment be made?
The next $943 SSI payment will be made on Monday, July 1st.
Who is eligible for the $943 Social Security payment?
Eligible individuals include low-income seniors, disabled individuals, and certain children who meet SSI guidelines regarding income and resource limits.
What are the new SSI payment amounts for couples and dependents?
Couples filing jointly can receive up to $1,415 per month, and dependents can receive up to $472.
Is there a double SSI payment in August?
Yes, there is a confirmed double SSI payment for August 2024.
How can I check my SSI payment schedule?
You can check your SSI payment schedule on the SSA’s official website at ssa.gov.