Today, May 31st, will not be the last Social Security payment for the month of May. The Social Security Administration has rescheduled the Supplemental Security Income (SSI) payment, typically made on the 3rd of June, to Friday, May 31st. As a result, millions of SSI recipients will receive their monthly benefits worth up to $1,415, provided they meet the established income and resource limits.
This month’s SSI payment includes a double payment, meaning recipients will not receive benefits in June. Additionally, SSI recipients are entitled to the 3.2% cost-of-living adjustment (COLA) increase to help offset the impact of inflation.
Table of Contents
- 1 Importance of SSI Benefits
- 2 SSI Payment Amounts
- 3 Importance of SSI for Low-Income Seniors
- 4 SSI Payment Schedule
- 5 Receiving SSI and Social Security
- 5.1 FAQs
- 5.2 How much is the maximum SSI payment for an individual?
- 5.3 Can couples receive higher SSI payments?
- 5.4 What is an essential person (EP) and how do they receive additional SSI payments?
- 5.5 Why is there a double SSI payment in May?
- 5.6 How can I apply for both SSI and Social Security benefits?
Importance of SSI Benefits
Nearly 5 million low-income seniors, disabled individuals, and children who meet specific requirements receive SSI payments from the Social Security Administration (SSA). These monthly payments are distributed across all 50 states, the District of Columbia, and the Northern Mariana Islands.
Some states and jurisdictions may choose to increase SSI payments and have the additional payments managed by the federal government. Without SSI benefits, many seniors, disabled people, and children would struggle to make ends meet and likely live in poverty due to their limited income and resources.
SSI Payment Amounts
The SSI payment amount varies among beneficiaries, depending on their income source and filing category. For instance, an individual who meets the financial requirements could receive an average of $698, up to $943.
Couples who meet the income and resource limits could receive up to $1,415 in monthly benefits. Additionally, recipients who qualify as an essential person (EP) could receive an extra $472 payment per month. To qualify as an EP, recipients must comply with the guidelines established by the Social Security Administration.
Importance of SSI for Low-Income Seniors
For millions of low-income seniors aged 65 or older, receiving a continuous SSI payment is crucial for covering their financial needs. Most SSI recipients rely on these benefits as their primary source of income for necessities such as housing, healthcare, daily living expenses, entertainment, taxes, debt, travel, and hobbies. To keep beneficiaries informed, the Social Security Administration has designed a payment schedule outlining all scheduled dates in 2024.
SSI Payment Schedule
According to the Social Security payment schedule, unless the first of the month falls on a weekend or a federal holiday, SSI payments are typically made on that date. If the first falls on a weekend or holiday, recipients will receive their monthly payment on the last business day of the preceding month. As mentioned earlier, May includes two SSI payments because the first of June falls on a Saturday. After the second payment on May 31st, the SSI program will resume monthly payments as follows:
- July: Monday, 1st of the month
- August: Thursday, 1st of the month
- August (September): Friday, 30th of August
- October: Tuesday, 1st of the month
- November: Friday, 1st of the month
- November (December): Friday, 29th of November
Receiving SSI and Social Security
Many individuals who qualify for Social Security benefits may also be eligible to receive Supplemental Security Income (SSI). To apply for both benefits, you can use the same application form, as it serves both programs. However, the Social Security Administration may require additional information from you before approving both benefits.
FAQs
How much is the maximum SSI payment for an individual?
An individual who meets the financial requirements could receive up to $943 in monthly SSI benefits.
Can couples receive higher SSI payments?
Yes, couples who meet the income and resource limits could receive up to $1,415 in monthly SSI benefits.
What is an essential person (EP) and how do they receive additional SSI payments?
An EP is someone who qualifies for an extra $472 payment per month from the SSI program.
Why is there a double SSI payment in May?
The double payment in May is because the regular June 1st payment date falls on a Saturday.
How can I apply for both SSI and Social Security benefits?
You can use the same application form to apply for both SSI and Social Security benefits.