If you still have questions about what SSI, acronym for Supplemental Security Income, is and how it works, this is a federal program that provides monthly payments to people with low resources and low income.
SSI is aimed at people aged 65 and over, as well as people of any age who are blind or have disabilities, including children. To receive SSI, you must meet at least one of these requirements, according to the Social Security Administration (SSA): be 65 years of age or older, be totally or partially blind, or have a medical condition that prevents you from working and that is expected to last at least a year or that could cause death.
Be Eligible for Supplemental Security Income: What the SSA Requires
To qualify for SSI, your income must include the money you earn, your Social Security benefits, your pensions, and the value of what you receive from other people. The place where you live and the amount of monthly income may also have an influence, and each state has its own rules.
Sometimes a year, Supplemental Security Income (SSI) recipients receive two payments in one month, but these double deposits are not additional money, but advance payments for the following month.
In the month of August, people receiving SSI benefits will receive a second check before September begins. Here we tell you everything you need to know about that second payment.
Why Do You Get Two Social Security Payments This Month?
The Social Security Administration (SSA) generally issues SSI payments on the first of each month. However, if that date falls on a weekend or holiday, the SSI is issued on the last business day of the previous month.
This schedule ensures that those who depend on SSI have the necessary money at the beginning of the month. The second SSI payment is not an extra payment, but the next month’s payment that is credited to your account a few days in advance.
When will you receive the payments?
The SSI payment for the month of August this year will be available on August 1, and a second payment will arrive in your account on August 30. This is because the second payment corresponds to the month of September. The next SSI payment after that won’t be due until October 1st.
SSI payments are made in two ways: for beneficiaries with bank accounts, payments are made as direct deposits; for those who do not have bank accounts or prefer a more tangible method, payments are sent by mail.
Let’s Talk about the COLA Increase in Social Security Expected for Next Year
A survey recently published by Atticus revealed that a significant percentage of older adults who collect Social Security (about 62%) are dissatisfied with the 3.2% increase they will receive in 2024.
In fact, three out of five older adults have said they are struggling financially because the cost of daily necessities, such as food, rent and medical care, remains so high. In addition, about 20% of seniors who receive Social Security plan to look for a job this year due to the small increase.
Retirees said they were very concerned about the rising costs of utilities, insurance, heating, and food. More than 66 million U.S. citizens who rely on Social Security benefits received the largest payments since January.
The increase in payments marked a significant decrease compared to 2023, when recipients got an 8.7% increase, the highest in four decades. However, it is still higher than the average increase of 2.6% recorded in the last 20 years.
