Important Notice to Those Who Receive SSI Payments

Participants in the federal Supplemental Security Income (SSI) program are set to receive their initial payment for September within the next 24 days, as indicated by the Social Security Administration’s calendar. On September 1st, the first of two monthly installments will be distributed due to a scheduling adjustment. The second payment, which will replace the regular October payment, is slated for Friday, September 29th. This change is necessitated by the fact that September 30th and October 1st fall on a weekend this year.

The amount beneficiaries receive depends on their filing status. For eligible couples, the highest monthly payment can reach up to $1,371. Independent filers may receive up to $914 each month, while caregivers for SSI recipients are entitled to receive up to $458 per month. However, not all beneficiaries receive the maximum payment.

To qualify for the Supplemental Security Income program, an individual must be over 65 years old and meet specific financial criteria. People under 65 can also qualify if they are partially blind or have a physical or mental condition severely limiting their daily activities for at least one year or leading to death. Children can also be eligible if their parents have limited income or savings.

Typically, recipients receive one payment per month. However, due to a peculiar scheduling quirk, beneficiaries will receive two checks in March, June, September, and December this year. This is necessary because the first of the month falls on weekends in April, July, and October, and January 1st is always a holiday. The adjusted schedule ensures that beneficiaries receive a total of 12 payments annually, despite no payments being made in April, July, October, or January.

The Social Security Administration began issuing SSI payments in January 1974, and since 1975, payment rates have been adjusted for cost-of-living increases. For 2024, the cost-of-living adjustment (COLA) is expected to be approximately 3%, although the exact figure will be confirmed on October 12th based on the most recent data.

John Galt