SSI direct deposit – Payments are issued in 5 days, so check your eligibility now

Millions of Supplemental Security Income (SSI) recipients are set to receive a new payment before September 2024 begins. This federal financial support is vital for low-income Americans, particularly those who are elderly, disabled, or have limited income and resources. Here’s what you need to know about the upcoming payment, eligibility requirements, and the impact of future cost-of-living adjustments (COLA).

Payment

Approximately 7.5 million Americans who receive SSI will see their next payment on August 30, 2024. Normally, SSI payments are scheduled for the 1st of each month, but since September 1 falls on a Sunday this year, the Social Security Administration (SSA) will disburse payments two days earlier. This ensures that recipients have access to their funds before the weekend, as banks and SSA offices will be closed on September 1.

September Payment

No, the SSI payment received on August 30 will not include the 2025 Cost of Living Adjustment (COLA). The 2025 COLA will be applied to SSI payments starting December 31, 2024. This means that while the upcoming payment will reflect the current benefit amounts, recipients can expect an increase in their payments at the end of the year, depending on the COLA determined by the SSA.

Amounts

The maximum SSI benefit amounts were last updated in December 2023 and are as follows:

• Individual: $943 per month
• Couple: $1,415 per month

These amounts represent the maximum federal benefit. However, individual payments may be lower depending on other sources of income, such as Social Security retirement or SSDI (Social Security Disability Insurance). When an individual receives additional benefits, their SSI payment might be reduced accordingly.

Average SSI Payments

As of July 2024, the average SSI payment is approximately $695. This amount has slightly decreased from $699 in June 2024. Here’s a breakdown of average payments by age group:

• Seniors (65 and older): Average payment is $574. Many seniors receive lower SSI payments because they might also be drawing Social Security retirement benefits.
• Adults (18-64 years old): Average payment is $742. This group includes individuals who may not yet qualify for retirement benefits but still meet the income and disability criteria for SSI.
• Children (under 18): Average payment is $805. Younger recipients often receive higher payments due to their eligibility status and the financial support needed by families.

Eligibility

To qualify for SSI, individuals must meet specific criteria related to age, disability, and income:

• Age: Individuals aged 65 or older, or those who are blind or disabled, may qualify.
• Income: SSI is designed for low-income individuals, so applicants must have limited income and resources. Income includes money earned from work, Social Security benefits, and other forms of income. The SSA sets specific limits on how much income you can have and still qualify for SSI.
• Resources: SSI recipients must also have limited resources, such as cash, bank accounts, stocks, and bonds. The resource limits are $2,000 for an individual and $3,000 for a couple.

Some states provide additional supplemental payments to SSI recipients, which can vary widely depending on where you live.

SNAP Benefits

For SSI recipients with particularly low payments, the Supplemental Nutrition Assistance Program (SNAP) can offer additional financial relief. SNAP benefits, also known as food stamps, help low-income individuals and families purchase nutritious groceries. If you are receiving SSI and struggling with your food budget, applying for SNAP could be a valuable resource.

As the SSA prepares to issue the next round of SSI payments on August 30, 2024, it’s essential for recipients to be aware of their eligibility and potential benefit amounts. While the 2025 COLA will not be reflected in this payment, it will come into effect later in the year, potentially increasing monthly benefits for millions of Americans. SSI provides critical support to those in need, and staying informed about these benefits can help recipients manage their finances more effectively.

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