If you are one of the millions of Americans receiving Social Security disability, Supplemental Security Income (SSI), or any other type of benefit from the Social Security Administration, it’s crucial to be aware of when you can expect to receive your benefit money. Understanding the payment schedule is essential for effective budgeting, timely bill payments, and planning ahead for your financial needs.
Social Security disability benefits are designed to assist individuals who are unable to work due to a qualifying disability. These benefits are based on the recipient’s work history and earnings and are intended to provide financial assistance for long-term disabilities. In 2023, the calendar is being followed as established for the different benefits, including the Supplemental Security Income.
How much money will be sent to the beneficiaries in August 2023?
In 2023, beneficiaries of the SSA beneficiaries got a significant improvement in their financial circumstances as a result of the implementation of an 8.7% cost-of-living adjustment (COLA). This annual adjustment, aimed at offsetting the impact of inflation on retirees and other recipients, will effectively increase the amount of benefits individuals will receive in comparison to what they received in August 2022.
SSI recipients are eligible for monthly benefits based on their individual circumstances. For an individual receiving SSI or caring for a child who qualifies, the maximum monthly benefit stands at $914. On average, SSI beneficiaries receive approximately $600 per month.
However, in cases where both partners in a married couple are eligible for SSI benefits, they may be entitled to a combined monthly amount of up to $1,371. These benefits aim to provide crucial financial support to those who meet the eligibility criteria for the SSI program.
The 2023 Social Security schedule for the SSI recipients
Individuals who are currently receiving Social Security retirement benefits or disability benefits and commenced receiving these benefits prior to May 1997 will have their entitlements disbursed on the 3rd day of each month. For those receiving any other category of Social Security benefits, the disbursement will occur on specific dates in August, contingent upon their date of birth.
This is the schedule for the SSI payments in August 2023:
- SSI recipients whose birthdays fall between August 1 and August 10 will receive their checks on the 9th.
- SSI recipients whose birthdays are between August 11 and August 20 will receive their checks on the 16th.
- Recipients of Social Security benefits who have birthdays between August 21 and August 31 will receive their checks on August 23.
Looking forward: These will be your payment dates in September 2023
On September 1, 2023, recipients SSI benefits can look forward to their scheduled deposit arrival. This date falls on a Friday, and beneficiaries can expect their SSI benefit payments to be deposited without delay.
SSI benefits are calculated based on an individual’s financial need and resources. The SSA assesses an applicant’s income, including wages, pensions, and support from family members. Additionally, they consider the value of assets, such as cash, real estate, and bank accounts.
The SSA then subtracts certain exclusions from the total income and resources. The resulting figure determines the SSI benefit amount, which varies by state due to differing living arrangements and additional state supplements. The objective is to provide essential financial assistance to elderly, blind, or disabled individuals with limited income and resources.
Who qualifies for the SSI benefits?
In order to qualify for the SSI benefits, an applicant must meet specific requirements. First, they must be disabled, blind, or at least 65 years old. The medical standards for disability are generally the same as those used for Social Security benefits for individuals aged 18 or older. For children, the disability definition under SSI is separate.
Second, should be U.S. citizens, nationals, or fall into certain immigrant classifications granted by the Department of Homeland Security (DHS). And they must reside in one of the 50 States, the District of Columbia, or the Northern Mariana Islands and not be absent from the U.S. for a full calendar month or 30 or more consecutive days.
Moreover, they must have limited income and resources. The income limit for 2023 is up to $914 per month for an individual and $1,371 per month for a couple where both spouses are beneficiaries. Countable resources, such as cash, stocks, bonds, or property that can be turned into cash, should not exceed $2,000 for an individual or $3,000 for a couple. Certain assets, like the applicant’s primary residence, a vehicle used for transportation, and household goods, are not considered countable resources and will not affect the application process.
Finally, the applicant must not be confined to a government-funded institution, applying for other eligible cash benefits or payments, and granting the SSA permission to access their financial records from any institution.