Double SSI payment from Social Security in August – Expect Checks for $943

The Social Security Administration (SSA) has recently announced a new double Supplemental Security Income (SSI) payment for millions of beneficiaries. This new payment plan targets those who qualify and meet specific income and resource requirements. Here’s a detailed breakdown of what beneficiaries can expect and how the payment schedule will work.

Payment

On average, SSI recipients will receive $698. Eligible individuals will receive up to $943, and couples will get $1,415. Due to an additional payment this month, as September 1st falls on a weekend, SSI recipients will receive another payment on August 31st. This means that in total, recipients will receive, on average, $1,396; eligible individuals up to $1,886; and couples $2,830.

Eligibility

To be eligible for this first payment of the month, individuals must meet the following criteria:

• Be permanent residents of the United States.
• Be partially blind or have a condition that seriously limits daily activities for 12 months or more or that can be expected to result in death.

These payment amounts already include the 3.2% increase from the cost of living adjustment (COLA) approved last year.

Double SSI Payment

Typically, Social Security beneficiaries who receive only Social Security are paid on the second, third, or fourth Wednesday of each month, depending on their date of birth. SSI recipients, however, usually receive their benefits on the first of the month unless it falls on a weekend or federal holiday. In such cases, payments are made on the previous business day. This month’s SSI payment on August 31st is due to September 1st falling on a weekend.

This scheduling quirk will happen again in November, as December 1st also falls on a weekend. Beneficiaries can check the official benefit payment schedule for 2024 for detailed information about upcoming payment dates.

Payment Schedule

Here is the confirmed Social Security payment schedule for August:

Calculating Your SSI Payment

To determine your SSI payment amount, the SSA starts by analyzing your average monthly indexed earnings over the 35 years in which you earned the most money. The SSA then uses a formula to calculate your primary insurance amount (PIA). You can check your earnings history and calculate your benefits by logging into your online account on the SSA website.

Special Payments

After retirement, you may receive reimbursements for work performed before you began receiving Social Security benefits. These usually do not affect your Social Security payment. Additionally, money earned while on payroll is considered a special payment. Employee benefits include bonuses, paid time off for sickness or vacation, severance pay, back pay, standby pay, sales commissions, and retirement benefits. Deferred compensation reported on a W-2 form is also considered a special payment.

Examples of Special Payments:

• Income from farm programs
• Income received from carryover crops
• Income from a business owner not performing significant services on the farm

By Knowing these changes and the new payment schedule, SSI recipients can better plan their finances and ensure they receive all the benefits to which they are entitled. The SSA’s new payment plan aims to provide more consistent support and align with federal payment standards.

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