Millions of Supplemental Security Income (SSI) recipients are set to receive another SSI payment of up to $1,415 today. As August begins, the Social Security Administration (SSA) is rolling out monthly benefits to SSI recipients, retired workers, survivors, and disabled individuals according to their payment schedule.
Schedule
The first to receive their checks will be SSI recipients, followed by beneficiaries of the retirement, survivor, and disability insurance (RSDI) program on Thursday, August 2nd. Typically, this payment is always delivered on the third of the month, unless it falls on a weekend. For instance, if the third falls on a Saturday or Sunday, payments are issued the preceding Friday.
This month, an extra SSI payment will be made on August 31st because the first of September is a Sunday. Hence, SSI recipients will receive a total of $1,886 for individuals and $2,830 for couples this month. Furthermore, all beneficiaries are enjoying a 3.2% cost of living adjustment (COLA) increase.
Remaining Payment Dates
The SSA has confirmed the SSI payment dates for the rest of the year. Here’s a quick glance:
| Month | SSI Payment Day |
|---|---|
| August | Thursday, 1st |
| September | Friday, 30th |
| October | Tuesday, 1st |
| November | Friday, 1st |
| December | Friday, 29th |
For any additional information about your monthly payment, you can access your “My Social Security Account” or contact customer service.
Computing Your SSI Payment
Understanding how the SSA computes your monthly SSI payment is crucial. The formula is as follows:
SSI payment = Maximum SSI federal benefit rate – Beneficiary’s countable income
According to SSA guidelines, the first $20 of most income is not considered. For example, if you have income from a job, the SSA will only count half of it after the first $65 is deducted. Moreover, Supplemental Nutrition Assistance Program (SNAP) benefits are not considered in this calculation.
Countable Income Categories
Determining countable income involves understanding the four categories:
- Earned income: This is calculated by subtracting the first $65 from earned income and then dividing the remaining amount by two. For example, if you earn $475 per month, the SSA only counts $205 when calculating your SSI.
- Unearned income: This refers to non-work sources such as pensions, unemployment benefits, interest, dividends, VA disability benefits, and Social Security benefits. Social Security Disability Insurance (SSDI) is also considered unearned income.
- In-kind income: This includes the value of food, housing, and maintenance provided for free or at a reduced cost. However, housing ownership is excluded from SSI income, and free housing is not considered income if living with a spouse or minor.
- Deemed income: This is income that the SSA attributes to you because of your relationship with someone who earns it, such as a spouse or parent. It also includes income from a sponsor for non-U.S. citizens.
The SSA’s payment schedule and method of calculating SSI benefits aim to ensure that recipients receive their entitlements promptly and accurately. Knowing how your SSI payments are calculated and when to expect them can help you manage your finances more effectively. Always refer to your “My Social Security Account” for the most accurate information regarding your benefits.
FAQs
When is the next SSI payment?
August 31st.
What is the SSI COLA increase?
3.2%.
How does the SSA calculate SSI payments?
Using countable income formulas.
What counts as unearned income?
Pensions, benefits, and interest.
How can I check my SSI payment details?
Log into your “My Social Security Account.”