The Social Security Administration (SSA) recently announced new disability benefits for Supplemental Security Income (SSI) recipients, starting in August 2024. Typically, the SSA delivers monthly benefits on the first day of every month unless it falls on a weekend or federal holiday. This August, millions of SSI recipients will receive their regular payments between $698 and $1,415 on Thursday, August 1st.
However, there’s a pleasant surprise this month. All beneficiaries will receive a second payment on August 30th, since September 1st falls on a weekend. When the first day of the month is a weekend or holiday, the SSA reschedules payments to the previous business day.
Payment Schedule
Understanding the payment schedule is essential for managing your finances. The SSA typically pays disability benefits on the first day of each month. If the first falls on a holiday or weekend, the payment is made on the last business day of the previous month. Here are the upcoming SSI payment dates:
- Thursday, August 1st
- Friday, August 30th (instead of September 1st)
- Tuesday, October 1st
- Friday, November 1st
- Friday, November 29th (instead of December 1st)
If your payments don’t arrive on the scheduled date, wait at least three mailing days before contacting the Social Security customer care service.
Importance of Disability Benefits
Disability benefits, especially SSI, are crucial for individuals unable to work and meet their basic needs. These benefits support younger people with significant disabilities and older adults with limited or no Social Security or pension income. With the elderly population growing and income inequality rising, SSI benefits are more important than ever.
More than half of seniors receiving SSI are also eligible for Social Security benefits based on their work history. Over 1.2 million seniors on SSI can collect some Social Security income due to unpaid caregiving, inconsistent work hours, or low wages. These benefits help seniors avoid severe poverty. Notably, women constitute 53 percent of all SSI recipients and 65 percent of elderly beneficiaries due to caregiving roles, low-paying jobs, and lack of Social Security credits.
Eligibility for SSI Benefits
To qualify for SSI disability benefits, individuals must be considered low-income by the SSA, blind, or disabled with limited resources. The current income and resource thresholds are set at $2,000 for individuals and $3,000 for couples. On average, SSI recipients earn about $658 per month, but those filing as individuals or couples can receive up to $943 and $1,415, respectively.
Due to the double payment in August, eligible individuals and couples will receive $1,316 for average recipients, $1,886 for individuals, and $2,830 for couples.
Conclusion
The new SSI disability benefits for August 2024 bring welcome financial relief to millions of recipients. Understanding the payment schedule and eligibility criteria is crucial for managing these benefits effectively. SSI benefits play a vital role in supporting disabled individuals and seniors, helping them maintain a basic standard of living. With the additional payment in August, beneficiaries can better meet their financial needs and plan for the future.
FAQs
When will SSI recipients receive their August payments?
SSI recipients will receive their regular payments on August 1st and a second payment on August 30th.
What are the average monthly SSI payments?
On average, SSI recipients earn about $658 per month.
How does the SSA reschedule payments if the first falls on a weekend?
The SSA reschedules payments to the last business day of the previous month.
Who is eligible for SSI benefits?
Low-income individuals, blind or disabled people with limited resources, are eligible for SSI benefits.
How much can couples receive from SSI in August?
Couples can receive up to $2,830 in August due to the double payment.