As October begins, millions of Americans are looking forward to receiving their Social Security (SSA) payments, which have been adjusted by the 2024 Cost-of-Living Adjustment (COLA). However, not all recipients will get their payments at the same time.
Those participating in the Supplemental Security Income (SSI) program will receive their payments earlier than others. SSI payments are typically distributed on the first day of each month, unless the first falls on a weekend or federal holiday. In such cases, the payments are sent out early.
Who Qualifies for SSI?
The SSI program provides monthly financial assistance to individuals with limited income and resources, particularly those facing financial hardship due to age, disability, or blindness. The program, created in 1972 as part of a broader Social Security reform, is designed to help individuals who cannot generate sufficient income.
Here are the groups that may qualify for SSI:
- Individuals over 65 years old with low income and limited resources.
- People with disabilities of any age who meet specific medical and financial criteria established by the SSA.
- Blind individuals who meet the required income and resource limits.
How Much Money Do SSI Beneficiaries Receive?
The amount received under the SSI program depends on the recipient’s state of residence and whether they qualify for additional supplementary payments. In 2023, the maximum federal benefit was approximately $914 per month for an individual and $1,371 per month for a couple. Some states provide additional payments, so the total amount can vary. If you live in a state that offers these extra benefits, it’s important to check your eligibility.
When Are SSI Payments Distributed?
SSI payments are issued on the first day of each month. If that day falls on a weekend or federal holiday, beneficiaries will receive their payments on the last business day of the previous month. This ensures that recipients receive their payments promptly without delays.
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How is SSI Funded?
Unlike other Social Security programs, SSI is funded by the U.S. Treasury and not through Social Security taxes. The program is specifically designed to support vulnerable populations, such as those with insufficient Social Security credits due to limited work history. For more information on SSI payments and eligibility, visit the official Social Security Administration website here.