Supplemental Security Income(SSI) users in August might get a nice surprise: an extra payment before the end of the month. Because the issuance date was moved, some beneficiaries will get their checks earlier than normal. This means that the payment schedule has been changed.
Supplemental Security Income (SSI) is a program run by the U.S. government to help people with low incomes, like disabled people, people 65 or older, and people who meet certain income requirements. SSI funds are usually sent out on the first of every month. This year, though, there is a big change in the plan that could help a lot of people.
Why you will receive an extra SSI payment in August
The reason for this extra SSI payment in August has to do with the calendar. Social Security (SSA) moves the payment date to the last business day of August if September 1 happens on a weekend. Since September 1 falls on a Friday this year, the September SSI check will be sent out on August 30.
It is important to keep in mind that this advance payment does not actually mean extra money; it just means that the September payment will be coming a little earlier. But for many, this change in timing could help them temporarily with their finances because they will get two payments in one month: the normal August payment and the early September payment.
How to ensure you receive your extra SSI check
Your extra SSI payment in August will go straight to your bank account if you have Direct Deposit set up. The fastest and safest way to get your money is this way, because the funds are sent straight to your bank account the same day they are given. You might have to wait a few days if you’re still using paper checks.
Right now is a great time to set up Direct Deposit if you haven’t already. It makes sure you get your SSI payouts on time and keeps you from having to worry about lost checks or long wait times at the post office. It’s easy to set up Direct Deposit, and you can do it by calling the Social Security Administration.
What is the maximum amount you can receive with SSI?
Benefits from SSI have gone up a lot this year (2024) because of the Cost of Living Adjustment (COLA). Every year, this change is made to make sure that SSI payments keep up with the cost of living. The highest amount of money that SSI can pay each month has hit $943 in 2024, which is a record high for the program.
It is important to remember that not all people who are eligible will get this max amount. How much each person gets paid varies on a number of things, such as how much money they make each month and what other benefits they may be getting. But no matter how much it is, this extra payment in August can help a lot of people who depend on SSI with their money problems.
How does COLA impact SSI payments?
The Cost of Living Adjustment (COLA) is one of the most important things that every year changes SSI benefits. This change is based on inflation and is meant to make sure that people who get benefits keep their value even though the cost of living is going up. The COLA has been especially big in 2024, which has allowed SSI payments to hit a new all-time high.
This change is very important for people who get SSI because many of them count on these payments to meet their basic needs. People who get SSI might find it easier to pay for things like food and medicine now that the COLA has gone up.
What to do if you don’t receive your SSI check
In the event that the last day of August comes and goes without your SSI check, you should move quickly. First, make sure that Direct Deposit is turned on. What if it’s not? The wait could be because your paper check is still on its way.
The best thing to do if you have Direct Deposit set up and still haven’t gotten your payment is to call the Social Security Administration right away. They can tell you where your payment is in the process and help you fix any problems that have come up.
It doesn’t happen often, but if it does, the SSA has set up procedures to make sure you get your money as soon as possible if your SSI check is delayed through Direct Deposit.
The importance of planning ahead
Getting two SSI checks in August gives you a chance to make better plans for your money. You might want to think of this early payment as a gift, but keep in mind that you won’t get another check until September. Because of this, being smart with this money can help you avoid money problems next month.
It is very important to plan your spending ahead of time and make sure you have enough money to last until your October SSI payment. You might want to make a budget for September that takes this change in the payment plan into account.
People who get SSI can see this change in the payment plan as both a chance and a challenge. On the one hand, getting two payments in one month could help your finances right away. To make sure you don’t run out of money in September, on the other hand, you need to plan carefully.
Being careful with your spending and maybe putting some of your August payments aside can help your finances get back on track.