The August payment for the Supplemental Security Income (SSI) is ready to be sent as the month begins, to bring that needed assistance to individuals with qualifying disabilities or injuries preventing them from working. The average monthly SSI payment hovers around $550, while eligible beneficiaries can receive a significant boost with a maximum monthly benefit of $914 for individuals. Now, for qualifying couples, the payment can go up to $1,371.
Eligibility for SSI is based on several factors, including income, resources, and disability status. To qualify, applicants must meet specific measures, such as the income limits. This criterion establishes that the individual’s income must fall below a certain threshold to be eligible for SSI benefits. Different rules apply to various types of income, and not all income is counted toward the eligibility determination. But, that’s not the only measure.
The SSI payment schedule for August 2023
The applicant must have a qualifying disability or injury that prevents them from engaging in substantial gainful activity. The disability must be expected to last for at least 12 months or be life-threatening. SSI also considers the value of an individual’s assets, known as resources. Certain assets, like the individual’s primary residence and one vehicle, may not be counted. Also remember that only US citizens or certain eligible non-citizens can receive SSI benefits, so you better check this particular requirement in you’re up to apply.
The SSI calendar for July and August 2023For the month of July, there’s still one last round of payments to be rolled out, and it’s happening on July 26. That’s your date if your birthday falls after the 20th of your birth month, corresponding to the fourth Wednesday of the month.
For the month of August, the payments start from day 1, when the SSI payments appear in the accounts of the beneficiaries. Then, on the 3rd, those who live outside the US, receive both SSI and Social Security, live in states that pay Medicare premiums, and applied for their Social Security benefits before 1997 will receive their money.
The payment schedule continues on August 9, when the funds will be deposited to those whose date of birth falls between the first and the tenth of the month, while on August 16 those who turn 11 and 20 will receive their payments. Finally, the calendar closes on the 23rd, when the benefits are sent to those who have birthdays after the 20th.
Other SSI payment dates in August 2023
The rest of the year, the calendar will follow a strict pattern. Supplemental Security Income payments bring much-needed support to those who rely on it. For individuals living abroad, receiving SSI, having state-covered Medicare premiums, or filing for benefits before 1997, Social Security retirement benefits are provided on the third day of the month.
To ease anxieties about payment arrival, those born between the 1st and 10th can expect their payment on the second Wednesday, while those with birthdays falling between the 11th and 20th receive theirs on the third Wednesday. Lastly, for those whose birthdays occur after the 20th, the fourth Wednesday of each month ensures their payment’s timely arrival.
How are your SSI benefits calculated
The SSI payments you will receive are calculated based on your income, according to the SSA. The process is decanted as follows:
- Resources evaluation: Apart from income, the SSA also considers the individual’s resources, such as bank accounts, stocks, and real estate. To qualify for SSI benefits, the total value of countable resources must fall below a specific threshold set by the SSA.
- Federal Benefit Rate (FBR): The Federal Benefit Rate (FBR) serves as the maximum monthly payment amount an eligible individual can receive under the SSI program. The FBR may change annually due to adjustments for cost-of-living increases.
- State supplements: Some states provide additional payments, known as state supplements, to complement the federal SSI benefits. These supplements vary from state to state and can increase the overall support provided to beneficiaries.
- Living arrangement consideration: The living arrangement of the individual also affects the SSI payment amount. Different rules apply to individuals living alone, with others, or in institutions, influencing the final benefit calculation.
Looking ahead: You’ll get two payments in September 2023
In September 2023, payments will also strictly follow the payment dates established by the SSA. The first SSI payment for September 2023 will be made on September 1st, but there is a trick here that might confuse you, because you are going to receive a second payment on September 29. This is because October 1st is a Sunday. Then, by regulation, the payment is advanced to the previous working day, which in this case is the 29th.
Having said that, keep in mind that in the month of October you will not receive any more payments and the next one in the calendar is on November 1st. If you do not receive your payment on the expected date, please wait for three extra mailing days before reaching out to the Social Security Administration. The majority of payments are processed through direct deposit, so you should anticipate receiving your payment on the specified dates, but this may vary depending on your bank.