The Supplemental Security Income (SSI) program, managed by the Social Security Administration (SSA), provides financial assistance to individuals with low income and resources. This program aims to support those who struggle to make ends meet. On July 1, millions of SSI recipients in the US will receive payments ranging from $697 to $943. Couples who meet the eligibility criteria can receive up to $1,415 monthly, with an additional $442 available for those with a dependent.
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Supplemental Security Income (SSI)
SSI is designed to provide monthly payments to approximately 5 million low-income seniors aged 65 and older, disabled individuals, and children in specific situations who otherwise wouldn’t be able to cover their basic expenses. Besides providing steady income, the SSI program includes an annual cost of living adjustment (COLA) to help recipients keep up with inflation and maintain their purchasing power.
Importance
SSI payments are critical for covering basic expenses such as food, housing, and utilities. For many recipients, this is often their only source of income, making it essential for their basic survival. According to the Census Bureau, 62% of SSI recipients between the ages of 18 and 64 were employed, while seniors accounted for 25%, and children made up 12%.
SSI Payment Amounts
The amount received by SSI beneficiaries varies based on their filing category. Here are the 2024 payment amounts as outlined by the SSA:
| Social Security Programs | SSI Payment in 2024 |
|---|---|
| On average | $698 |
| Individuals | $943 |
| Couples | $1,415 |
| Essential person | $472 |
Full SSI Payment Schedule
The SSA publishes an annual schedule for Social Security payments, including those for Old Age, Survivors, and Disability Insurance (OASDI) and SSI. Typically, if the first day of the month does not fall on a weekend or federal holiday, SSI payments are made on that day. If it does, payments are made on the previous business day.
For example, since June 1 falls on a Saturday, the SSI payment was rescheduled for Friday, May 31, resulting in two payments in May but none in June. Here’s the upcoming payment schedule:
- July: Monday, 1st of the month
- August: Thursday, 1st of the month
- September: Friday, August 30 (for September)
- October: Tuesday, 1st of the month
- November: Friday, 1st of the month
- December: Friday, November 29 (for December)
Impact of COLA
The Social Security Administration adjusts benefits based on the cost of living adjustment (COLA) to keep up with inflation. For 2025, a COLA increase between 2.6% and 3.2% is expected. If a 3.2% increase is implemented, SSI recipients might see higher payments starting January 2025. This means individuals could receive up to $973 per month, while eligible couples could receive up to $1,460 per month.
FAQs
When is the next SSI payment due?
The next SSI payment is due on July 1.
What is the maximum SSI payment for individuals?
For 2024, the maximum SSI payment for individuals is $943 per month.
How does COLA affect SSI payments?
COLA adjustments increase SSI payments to account for inflation, ensuring recipients maintain their purchasing power.
Why were there two SSI payments in May?
Because June 1 was a Saturday, the SSA rescheduled the payment for May 31, resulting in two payments in May and none in June.
What are the upcoming SSI payment dates?
The next few SSI payment dates are July 1, August 1, August 30 (for September), October 1, November 1, and November 29 (for December).
