Millions of low-income individuals in the United States rely on Supplemental Security Income (SSI) to cover living expenses and escape poverty. If you qualify for this program, you’ll be happy to know that the next SSI payment is scheduled soon. Here’s everything you need to know about the upcoming payments and eligibility.
Next SSI Payment Details
Payment Amounts and Schedule
The next SSI payment of $943 will be sent on Monday, July 1. Individual beneficiaries can receive up to $943, while eligible couples can receive up to $1,415 in monthly benefits. If an SSI recipient lives with a significant other, they may get an extra $472.
Cost-of-Living Adjustment (COLA)
All SSI payments include the cost-of-living adjustment (COLA) announced last October, which will be implemented in January 2024. The Social Security Administration (SSA) ensures all benefits are paid on time according to the Social Security payment schedule. SSI has a different payment schedule since it’s not based on Social Security contributions.
Who Manages SSI and How Payments Work
Administration and Funding
The SSA manages the SSI program, which helps people with financial needs and disabilities. Many don’t realize that SSI payments come from the US Treasury’s general revenues, not Social Security taxes.
Payments usually go out on the first of the month unless it’s a weekend or federal holiday, in which case they’re sent on the prior working day. Some months may have double payments, like June, September, and December this year.
Eligibility for SSI
Who Qualifies?
SSI is for low-income individuals earning less than $1,971 per month. Couples applying for child support or disabled individuals may also be eligible. Applicants must meet SSA’s income and resource limits, which are about $2,000 for individuals and $3,000 for couples. Resources include items like cars and bank accounts. To check eligibility or apply, use the SSA’s SSI tool, which takes about 5-10 minutes.
2024 SSI Payment Schedule
Here’s the schedule for SSI payments in 2024:
- July 1 (Monday)
- August 1 (Thursday)
- September 30 (Friday)
- October 1 (Tuesday)
- November 1 (Friday)
- December 29 (Friday)
Additional Benefits Besides SSI
SSDI and SSI
While SSDI and SSI are separate programs, some people qualify for both. To receive both payments, you must meet the eligibility criteria for each. The total of both payments cannot exceed the maximum SSI benefit for an individual or couple. Understanding both programs can help you choose the best benefits based on your situation.
Comparing SSI and SSDI
| Feature | SSI | SSDI |
|---|---|---|
| Eligibility criteria | Financial need and disability | Disability and work history |
| Open to | All ages (blind, disabled, 65+) | Disabled workers with work credits |
| Benefit amount | Fixed, based on living situation | Based on average lifetime earnings |
| Provides higher benefits? | No | Yes |
| Medicaid eligibility | Often yes | Typically no |
SSI is a crucial program for many low-income and disabled Americans, providing essential financial support. The next payment is coming soon, and understanding the eligibility and benefits can help you make the most of this assistance. Be sure to check the payment schedule and use the SSA’s tools to manage your benefits efficiently.
FAQs
1. What is the next SSI payment date?
The next SSI payment is on Monday, July 1.
2. How much can individuals and couples receive?
Individuals can receive up to $943, while eligible couples can get up to $1,415. An additional $472 is available if living with a significant other.
3. What is the COLA adjustment?
The cost-of-living adjustment (COLA) increases benefits to keep up with inflation, starting in January 2024.
4. How are SSI payments funded?
SSI payments come from the US Treasury’s general revenues, not Social Security taxes.
5. How can I check if I qualify for SSI?
Use the SSA’s SSI tool to check your eligibility and start the application process, which takes 5-10 minutes.