Friday, June 21, 2024

When is it likely that you will receive two payments in one month?

Unusual Payment Schedule for Supplemental Security Income (SSI) Beneficiaries in 2024: What to Expect

Are you a Supplemental Security Income (SSI) beneficiary? If so, you may have noticed a change in your payment schedule this year. In May, recipients received two SSI checks, but there will be no payments in June. So, what’s going on and what can you expect for the rest of the year?

The Social Security Administration (SSA) typically disburses SSI payments on the first of each month. However, if the first falls on a weekend or a holiday, the payment is issued on the last business day of the previous month. This is exactly what happened in May, with June 1 falling on a Saturday. As a result, June payments were disbursed on Friday, May 31, leading to no additional payments in June.

Looking ahead, a similar situation will occur in August. Since September 1 falls on a Sunday, the SSA will disburse September payments on Friday, August 30. This means that recipients will receive two payments in August.

To help you keep track, here are the dates you can expect to receive your SSI payments for the remainder of 2024:
– Friday, May 31 (for June)
– Monday, July 1
– Thursday, August 1
– Friday, August 30 (for September)
– Tuesday, October 1
– Friday, November 1
– Friday, November 29 (for December)

Who qualifies for SSI benefits? SSI benefits are available to individuals with limited income and resources who are blind, age 65 or older, or have a qualifying disability. Blind or disabled children may also receive SSI. These benefits are managed by the SSA and aim to provide financial assistance to those in need.

Later this year, SSI recipients might see a boost in their payments. The SSA periodically adjusts benefits to account for changes in the cost of living, so keep an eye out for any announcements regarding increases.

If you don’t receive your payment on the expected date, the SSA advises allowing three additional mailing days before contacting them. For those receiving direct deposits, payments should be available on the scheduled date, but the timing might depend on your bank’s processing.

Stay informed about your benefits and payment schedule to ensure you receive your SSI payments without any issues. Keep an eye on any updates from the SSA regarding changes or adjustments to your benefits.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.

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