This will be the SSI payment update in May with a possible double payment of up to $1,400
Every month millions of Americans receive payments through the Supplemental Security Income program on specified dates. In May recipients will receive two.
The Supplemental Security Income (SSI) program intends to help aged, blind, and disabled people who have little or no income. SSI provides cash to meet basic needs for food, clothing, and shelter of beneficiaries.
It is a federal income supplement scheme funded by general tax revenues and not Social Security taxes. However, the program is administered by the Social Security Administration. Thus the payment schedule is set by the agency and are disbursed on specified dates.
When will I get my SSI payment each month?
Recipients who have direct deposit set up for their SSI benefits generally receive their payments more quickly than those who receive paper checks through the mail. It is now required for new enrollees to use direct deposit to receive their payments.
Supplemental Security Income benefits are distributed monthly, usually on the first day of the month. However, if the first falls on a weekend or a holiday, the payment will be made on the preceding business day when banks are open.
SSI beneficiaries that could see double $1,400 payment in May
Because 1 June falls on a Saturday, the corresponding payment for that month will be moved forward and disbursed on Friday 31 May. So, beneficiaries will not only receive a payment on Wednesday 1 May for that month, but also a second payment at the end of the month.
However, there will be no payment sent in the actual month of June as that month’s corresponding payment will have already been issued. The following monthly payment will arrive Monday 1 July.
READ ALSO: What are the changes to the SSI announced by the Social Security Administration?
How much will my SSI payment be in May?
The amount of SSI benefits an individual receives can vary depending on factors such as income, living situation, and marital status. In some states, recipients may also receive additional income or support through state-run supplementation programs.
The monthly maximum SSI amounts for 2024 are $943 for an eligible individual, $1,415 for an eligible individual with an eligible spouse, and $472 for an essential person.
An “essential person” refers to an individual who is considered crucial to the care and well-being of an SSI recipient. This could be a spouse, a dependent child, or another person who lives in the same household.
READ ALSO: The complete Social Security payment schedule for 2024
Who are eligible to receive SSI?
To qualify for Supplemental Security Income, you must be aged 65 or older, blind, or disabled, and you must also have limited income and resources.
Income includes not only wages but also other sources such as Social Security benefits, pensions, and unemployment benefits. Resources include things like cash, bank accounts, stocks, and real estate (excluding one’s primary home and certain other assets).
SSI recipients must keep track of their payment schedule and ensure that their contact information is up-to-date with the Social Security Administration to avoid any delays or issues with receiving their benefits.