The next payment you’ll get from the Supplemental Security Income program is just around the corner – in three days to be exact. If you’re filing individually, you could receive up to $914 this time.
September’s payment will come your way on September 1st. But here’s something interesting: this is just the first of two payments you’ll get next month. This kind of scheduling quirk happens because of how the Social Security Administration’s calendar works. The second payment will arrive on September 29th, taking the place of October’s payment.
Two Supplemental Security Income Payments in September
Normally, you’d only receive one payment every month. However, there are four months in a year when things are a bit different. These months are March, June, September, and December. Why? Well, that’s because the first day of the month falls on a weekend in April, July, and October. And since January 1st is always a holiday, you won’t be getting payments in April, July, October, or in January 2024.
Now, let’s talk about how much money you’ll receive. It depends on how you’re receiving benefits. If you’re an individual, you’ll get $914 each month. For couples who qualify, the monthly payment is $1,371. And if you’re an essential person – someone who takes care of a person receiving SSI and lives with them – your monthly payment will be $458.
To join the Supplemental Security program, you need to be 65 or older and meet specific financial criteria. If you’re under 65, you might still qualify if you’re partially blind, have a physical or mental condition that really affects your daily life for at least a year, or if your condition is expected to be fatal.
But it’s not just adults who can qualify. Children can too, if they’re partially blind or dealing with a physical or mental condition that limits their daily activities for at least a year. And if their parents or legal guardians don’t have much money or savings, they might be eligible as well.
Remember, these payments are different from the retirement payments that Social Security Administration provides. Those have a minimum age requirement of 62.
The Social Security Administration started giving out these payments back in January 1974. And since 1975, the payment amounts have gone up to keep up with the increasing cost of living.
What is the minimum age requirement for retirement payments in United States?
The minimum age requirement for retirement payments in the United States varies depending on the type of retirement account and specific circumstances.
For traditional Individual Retirement Arrangements (IRAs), Simplified Employee Pension (SEP) IRAs, Savings Incentive Match Plans for Employees (SIMPLE) IRAs, and various workplace retirement plans including 401(k), Roth 401(k), 403(b) and 457(b) plans, the general rule is that Required Minimum Distributions (RMDs) must start with the year the account owner reaches 72 years old. However, for those who reach the age of 72 after December 31, 2022, the RMDs must start when they turn 73. This rule applies even if the account owner is still working, unless they are a 5% owner of the business sponsoring the retirement plan irs.gov.
The SECURE Act made major changes to the RMD rules. For plan participants and IRA owners who reached the age of 70 ½ in 2019, the prior rule applies and the first RMD must have started by April 1, 2020. For those who reached age 70 ½ in 2020, the first RMD must have started by April 1 of the year after they reached 72.