If you are still in doubt about what SSI or Supplemental Security Income is and how it works, this is a federal program that gives monthly payments to people with low resources and income.
SSI is for people aged 65 or older, as well as for people of any age who are blind or have disabilities, including children, in order to receive SSI, you must meet at least one of these requirements.
Be 65 years or older, be totally or partially blind, have a medical condition that prevents you from working and is expected to last at least one year or cause death.
Being Eligible for Supplemental Security Income
To qualify for SSI, your income must include the money you earn, your Social Security benefits, your pensions, and the value of the things you receive from someone else, where you live, the amount of income you can count on monthly and still receive SSI payments influences, each state has its own rules.
A few times a year, Supplemental Security Income (SSI) recipients receive two payments a month, but those double deposits are not additional money, but advance payments for the following month.
In the month of August, people who receive SSI benefits will receive a second check before the month of September begins, here we tell you everything you need to know about that second payment.
Why Are You Receiving Two SSI Payments?
The Social Security Administration (SSA) generally issues SSI payments on the first day of each month, but if that date falls on a weekend or holiday, SSI issues your payment early, the last business day of the previous month.
This schedule guarantees that those who depend on SSI have the money they need on the day the month begins. The second SSI payment is not an extra payment, it is the next month’s payment that is credited to your account within a few days of anticipation.
When Will You Receive Payments?
Your SSI payment for the month of August of this year will be available on August 1, and a second payment will arrive in your account on August 30, this because the second payment corresponds to the payment for the month of September, next SSI payment after that will not be made until October 1.
SSI payments are made in two ways, for beneficiaries with bank accounts, payments are made as direct deposits, for those beneficiaries who do not have bank accounts or who prefer a more tangible method, payments are sent by mail.
Let’s Talk About the Social Security COLA Increase Expected for Next Year
A survey recently published by Atticus found that a significant percentage of seniors collecting Social Security (about 62%) are dissatisfied with the 3.2% payment increase they will receive in 2024.
In fact, three in five older adults have said they are struggling financially because the cost of daily necessities, such as food, rent and medical care, remains uncomfortably high, while about 20% of older adults who have Social Security plan to look for a job this year due to the small increase.
Retirees said they are very concerned about the rising costs of utilities, insurance, heat and food, more than 66 million United States citizens who count on Social Security benefits received the largest payments since the month of January.
The increase in payments marked a significant drop compared to 2023, when beneficiaries obtained an increase of 8.7%, the highest in four decades. However, it is still higher than the average increase of 2.6% recorded in the last 20 years.
