The Social Security Administration (SSA) has confirmed that the last Social Security payment for this month will be on Friday, August 30th. On this day, millions of Supplemental Security Income (SSI) recipients will receive their additional payment, as September 1st falls on a Sunday. Typically, SSI payments are disbursed on the first of the month, but when this date lands on a weekend or a holiday, the payment is issued on the preceding business day. As a result, recipients will receive two SSI payments in August. A similar situation will occur in November and December since December 1st and January 1st fall on a weekend and a federal holiday, respectively.
Understanding Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a vital financial program designed to assist vulnerable Americans, particularly those who are elderly or disabled and have limited income. The program aims to help these individuals meet basic living expenses.
To qualify for SSI, applicants must meet specific low-income criteria and demonstrate that they are either elderly (65 or older) or have a disability that significantly impairs their ability to work. On average, SSI participants receive $698 per month. However, individuals and couples may be eligible for up to $943 and $1,415, respectively. Additionally, some recipients who meet the “essential person” (EP) criteria may qualify for an extra $472 payment.
SSI Payment Schedule for the Remainder of the Year
The SSA has provided a schedule for SSI payments for the rest of the year, ensuring recipients are aware of when they can expect their benefits:
| Payment Date | Applicable Month | Notes |
|---|---|---|
| Monday, July 1 | July | Regular payment |
| Thursday, August 1 | August | Regular payment |
| Friday, August 30 | September | Due to September 1st being a Sunday |
| Tuesday, October 1 | October | Regular payment |
| Friday, November 1 | November | Regular payment |
| Friday, November 29 | December | Due to December 1st being a Sunday |
Recipients should also be mindful that there may be a slight delay in receiving payments, especially if payments are made via direct deposit, as processing times can vary between banks. The SSA advises beneficiaries to wait at least three additional mailing days before contacting customer support if a payment does not arrive on the expected date.
Potential Increase in SSI Payments
Looking ahead, SSI recipients might see their payments increase due to the annual cost-of-living adjustment (COLA), which the SSA applies to help beneficiaries maintain their purchasing power amid rising inflation. This year, the COLA resulted in a 3.2% increase in Social Security payments. Although the exact COLA for 2025 will be announced later in the year, early projections suggest a potential increase of 2.6% to 3%.
If the anticipated 3% COLA adjustment is applied, the following payment levels could be expected in 2025:
| Category | Current SSI Payment | Including COLA 2025 (3%) |
|---|---|---|
| On Average | $698 | $719 |
| Individuals | $943 | $971 |
| Couples | $1,415 | $1,457 |
| Essential Person | $472 | $486 |
SSI payments are a critical financial lifeline for millions of Americans, providing essential support to those who need it most. With the upcoming double payments in August, November, and December, recipients can better manage their finances as they navigate the timing of these disbursements.
Additionally, the potential COLA increase in 2025 will further assist SSI beneficiaries in keeping pace with inflation, helping to ensure their benefits maintain their value over time.
FAQs:
Why am I receiving two SSI payments in August?
You are receiving two payments in August because September 1st falls on a Sunday, so the SSA disburses the payment on the preceding business day, which is Friday, August 30th.
What should I do if I don’t receive my SSI payment on the expected date?
If you don’t receive your payment on the expected date, the SSA recommends waiting at least three additional mailing days before contacting their customer support, as processing times can vary.
Will my SSI payments increase next year?
Your SSI payments may increase next year due to the cost-of-living adjustment (COLA). While the exact percentage will be announced in October, projections suggest a possible increase of 2.6% to 3% in 2025.
