The Social Security Supplemental Security Income (SSI) program is designed to allocate financial assistance to individuals with disabilities, elderly people who have minimal incomes, as well as children, teenagers, and adults afflicted by visual impairments. The SSI program’s mission is to provide financial aid to various groups, including those with disabilities, the low-income elderly, and individuals with visual challenges.
As the year draws to a close and the festive season approaches, financial considerations become a central concern for Americans, with an emphasis on managing expenses and maintaining income levels. One significant aspect of this financial landscape is the upcoming dual payment to be distributed by the Social Security Administration (SSA) as part of the SSI program.
Social Security SSI Payment Schedule and Exceptions for 2023
The SSA has established a fixed schedule for SSI payments, distributing them on the first day of each month. Unlike the varied payment dates for Social Security retirees, these SSI payment dates remain consistent and unchanging.
However, exceptions occur when the first day of the month coincides with a weekend or federal holiday. In these instances, the SSA adjusts the payment date to the preceding business day, leading to occasional double payments for SSI recipients. These include the payment for the current month and possibly an advanced payment for the subsequent month.
So, when is the next double payment from Social Security scheduled? For SSI beneficiaries, the next double payment is set for September 2023. Specifically, the September payment will be made as planned on September 1st, while the payment intended for October 1st will be shifted to September 29th, as October 1st is a Sunday, resulting in the last business day being Friday, September 29th.
For 2023, the maximum SSI payment that beneficiaries may receive is $914 for individuals and $1,371 for eligible married couples. On average, SSI recipients across the United States receive about $500 in assistance.
Social Security Payments to Increase in 2024, but How Much?
A slight rise in the Cost of Living Adjustment (COLA) is expected to be applied in 2024. The COLA serves as an adjustment to Social Security benefits, addressing the uptick in the costs of goods and services resulting from inflation. The Senior Citizens League anticipates a 3% COLA for 2024, equating to an additional $55 per month for retirees.
Projections suggest that the SSA’s withholding thresholds will experience a minor increase in 2024. Consequently, early filers will have the opportunity to earn some supplementary income without being subject to the retirement earnings test. That year, individuals with long-term disabilities may witness an increase in their benefits. It is expected that the income threshold for maintaining eligibility for disability benefits will increase.
The threshold for earned income necessary to qualify for the essential lifetime work credits is poised to escalate in 2024. Consequently, individuals will need to earn a higher income to meet the criteria for these credits.