FINANCE
Who will receive two $943 Social Security payments in August?
Some Social Security beneficiaries will receive two payments in August, one at the beginning and one at the end of each month.
Each month, the Social Security Administration (SSA) sends out benefits to retired workers, survivors, and those receiving Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) payments.
Generally, the SSA sends one payment per month, but in certain months, two payments are sent – one at the beginning and another at the end. Here’s how it’s going to work out in August 2024.
August anomaly means double SSI payment
SSI beneficiaries will receive two payments in August. This is because the September payment will be advanced due to the weekend.
According to the SSA’s payment schedule, SSI benefits are sent on the first day of each month. However, if the first day falls on a Saturday, Sunday, or holiday, payments are sent on the preceding business day.
The first SSI payment for August will be sent on August 1st. Due to September 1st falling on a Sunday, the payment for that month will be sent on the preceding business day, which means it will be sent on Friday, August 30th.
What about my September payment?
Because the September payment is advanced, SSI beneficiaries will not receive a payment in that month. The next payment will be on October 1st. Here is the complete payment schedule for August:
- Thursday, August 1: SSI recipients
- Friday, August 2: Recipients who began receiving payments before May 1997
- Wednesday, August 14: Recipients with birth dates between 1 and 10
- Wednesday, August 21: Recipients with birth dates between 11 and 20
- Wednesday, August 28: Recipients with birth dates between 21 and 31
- Friday, August 30: SSI recipients (September payment)
How much money is sent from Supplemental Security Income?
This year, the maximum SSI benefits, increased to $943 for individuals and $1,415 for couples, but the specific amount depends on each beneficiary.
SSI payments are sent via direct deposit to beneficiaries who have provided a bank account to the SSA or by postal mail in a check, which takes longer to arrive.