Recipients of the Social Security Administration's Supplemental Security Income program received their August payment of up to $914 for individual filers on Tuesday, the first of such payments since June, according to the administration's calendar.
The payment was sent out on Aug. 1 and is the first payment for recipients since June 30, when a one-month gap skipped payments in July due to a scheduling kink in the administration's calendar. June received a double payment as a result due to July 1 falling on a weekend.The amount of money that beneficiaries receive depends on what category they file under. Eligible couples can receive up to $1,371 each month.
Recipients normally just get one payment each month, but there are four months this year when the beneficiaries get two checks: March, June, September, and December. This is because the first of the month falls on a weekend in April, July, and October and Jan. 1 is always a holiday. This adjusted schedule ensures that beneficiaries still get 12 checks per year. The recipients do not see a payment in April, July, October, or January.
The next month that will see two payments is September, when recipients will also receive October's payment because Oct. 1 is on a weekend. Recipients will receive the payment on Friday, Sept. 29, because Sept. 30 is also a weekend.In order to qualify for the Supplemental Security Income program, a person has to be over 65 and meet specific financial requirements.
SSI payments were first issued by the administration in January of 1974, and payment rates have increased for cost-of-living adjustments since 1975, according to the agency. The COLA for 2024 is projected to be an approximately 3% increase based on June's numbers.
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