Are you or someone you know receiving Supplemental Security Income (SSI)? If so, there are some important updates about the upcoming payments you should be aware of. This guide will help you understand when to expect your next payment, how much you might receive, and some other essential details about SSI.
What is Supplemental Security Income (SSI)?
SSI is a federal program that provides monthly payments to people with low income and limited resources who are 65 or older, blind, or disabled. The amount you receive depends on your income and living situation.
Upcoming SSI Payments
The Social Security Administration (SSA) has announced that the next SSI payment of $1,415 for eligible seniors will arrive on Monday, July 1. This amount is for couples who qualify, while individuals can expect up to $943. On average, SSI recipients receive about $698 per month.
Payment Schedule for 2024
Depending on when you were born, Social Security beneficiaries usually receive their payments on the second, third, or fourth Wednesday of each month. SSI recipients, on the other hand, typically get their payments on the first of the month.
However, if the first falls on a weekend or federal holiday, payments are made on the previous business day. Here are some upcoming payment dates for SSI recipients:
- July 1: Monday
- August 1: Thursday
- September 1: Friday
- October 1: Tuesday
- November 1: Friday
- December 1: Friday
Cost of Living Adjustment (COLA)
The SSI payment of $1,415 for couples already includes a 3.2% increase from last year’s cost of living adjustment (COLA). This adjustment helps payments keep up with inflation. Estimates suggest that next year’s COLA could be between 2.6% and 3.2%, which will be confirmed at the end of 2024. If the 3.2% projection for 2025 is confirmed, monthly SSI payments will increase to $973 for individuals and $1,460 for couples.
How Social Security Benefits Are Calculated
Your Social Security benefits are based on your average monthly earnings during the 35 years you earned the most money. The SSA uses a formula to determine your primary insurance amount (PIA). You can view your earnings history and calculate your benefits by logging into your online account on the SSA website.
Special Payments After Retirement
After you retire, you might receive payments for work you did before you started receiving Social Security benefits. These are called special payments. Examples include bonuses, sick leave, vacation pay, severance pay, back pay, standby pay, sales commissions, and retirement benefits. If you earn income after your first year of retirement from self-employment, it may also be considered a special payment.
Understanding your SSI payments and the schedule is crucial for managing your finances. Keep track of important dates and stay informed about adjustments like COLA to ensure you receive the benefits you deserve. For more detailed information, visit the SSA website and check the 2024 Benefit Payment Schedule.
FAQs
1. What is the average monthly SSI payment?
On average, SSI recipients receive about $698 per month.
2. When will the next SSI payment arrive?
The next SSI payment will arrive on Monday, July 1.
3. How much can individuals and couples receive from SSI?
Individuals can receive up to $943, while couples can receive up to $1,415.
4. What is COLA and how does it affect SSI payments?
COLA is the cost of living adjustment that helps payments keep up with inflation. The current SSI payments include a 3.2% COLA increase.
5. How are Social Security benefits calculated?
Benefits are based on your average monthly earnings during the 35 years you earned the most money.