Millions of Supplemental Security Income (SSI) recipients are set to receive their August SSI payment, with individual filers receiving up to $914.
August SSI Payment for Beneficiaries Arrives Soon
The August SSI payment are scheduled to go out on August 1, 2023.
This August SSI payment marks the first for recipients since June, as there were no payments in July due to the weekend falling on July 1st. Instead, recipients received their July payment at the end of June.
According to the SSA, there are four months each year when beneficiaries receive two checks, namely March, June, September, and December. This is due to the 1st of the month falling on a weekend in April, July, and October. Furthermore, January 1st is always considered a holiday.
Despite this adjusted schedule, beneficiaries still receive 12 checks annually.
The next instance of two payments falling in the same month is expected to occur in September. SSI recipients will receive both September’s and October’s payments.
Notably, October’s payment will be received two days earlier, on Friday, September 29, as September 30 falls on a Saturday and October 1 falls on a Sunday.
Who Qualifies for August SSI Payment?
To be eligible for the Supplemental Security Income program and receive the August SSI payment, individuals must be over the age of 65 and meet specific financial requirements, according to the Washington Examiner.
Those under 65 may also qualify if they are partially blind or have a physical or mental condition that significantly limits their daily activities for at least one year, or if it is expected to result in death.
The amount of money beneficiaries receive in their August SSI payment depends on their filing status.
Eligible individual filers receive a maximum of $914 per month, while eligible couples receive up to $1,371 every month. Essential persons, who live with SSI recipients and provide them with necessary care, can receive a monthly payment of up to $458.
However, not every recipient receives the maximum payout.
The SSI payments were initially introduced in January 1974, and payment rates have increased over the years to account for cost-of-living adjustments since 1975, as per the information provided by the Social Security Administration (SSA).