Social Security recipients receive their payments according to a schedule set by the Social Security Administration (SSA) each year. For example, the first of May officially started the calendar for Supplemental Security Income (SS) beneficiaries. Then, May 8, 15, and 22 are the set dates for Social Security recipients. Consecutively, those who meet between 1 and 10 (May 8), 11 and 20 of any month (May 15) and 21 and 31 of any given month (May 22) received the payments.
Here is the anomaly that happened in the month of May and that is repeated a few times in the year: it is a second payment for SSI beneficiaries on May 31st. It may seem like extra money, but in reality it is not: these beneficiaries, like everyone else, receive a total of 12 payments a year.
Why Do SSI Beneficiaries Have No Payment in June 2024?
Well, it’s not that you’re going to run out of money, but that you already received the money on May 31, as I mentioned in the previous paragraph. Yes, the payment that corresponded to the first of June, like all the first of every month, was made on May 31 because June 1st falls on a Saturday. As a rule, the SSA advances payments to the previous business day in case the payment date falls on a weekend or a holiday.
The maximum amount you will receive from SSI in 2024 depends on several factors. Here are some of the key points to understand how much your potential payout is. The SSA sets maximum federal benefit rates annually for these types of payments. The rates are adjusted according to the Cost of Living Adjustment (COLA), which tries to track inflation so that beneficiaries do not lose purchasing power.
As of May 2024, the maximum federal benefit amounts are:
- $943 per month for an eligible person.
- $1,415 per month for a qualifying person and their qualifying spouse.
The benefits are deposited electronically monthly into your bank accounts. If you live in a state that offers supplemental security income payments, your monthly SSI income could be even higher than the federal maximums listed above.
Factors that Affect the Amount of the SSI May Payment
As you know, SSI prioritizes those who need it the most. So any income you receive, such as salaries, pensions, or even other benefits from the same Social Security, will be taken into account when calculating your payment. The Social Security Administration subtracts a portion of your countable income from your potential SSI benefit: it currently subtracts $1 for every $2 of income.
The assets and securities you have in your possession also count. Bank accounts, investments and real estate are considered, but your main home and a reasonable amount of land are excluded. The SSA has a resource limit. If the total value of your resources exceeds this limit, it may affect your eligibility or reduce the amount of your benefit.
If someone you live with provides you with essential care that allows you to stay at home because of a disability, such as cooking, bathing, or just moving around your home, you can report it to the SSA so they can improve the amount of money you may qualify for. This additional amount, called the “essential person increase,” is currently $472 per month in 2024.
Some states offer additional financial support to SSI recipients in addition to the federal benefit. These supplemental payments vary by state and can increase your total monthly income.
