Direct Payment: Next Social Security Payment Scheduled for August 1, 2023

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Individual filers will be eligible for payments of up to $914.

Next Social Security Payment Scheduled
Next Social Security Payment Scheduled ( Photo: Investopedia )

In just 16 days, beneficiaries of the Supplemental Security Income program administered by the Social Security Administration (SSA) can expect to receive their next direct payment

This upcoming disbursement marks the first direct payment since June, as there were no direct payments made in July. June had the unique circumstance of two payments being issued, due to a scheduling anomaly that placed July’s payment at the end of June. This adjusted direct payment schedule ensures that beneficiaries still receive a total of 12 checks per year, despite the fluctuation in monthly disbursements.

This year, four months will have two payments delivered in the same month: March, June, September, and December. This is a result of weekends falling on the first of the month in April, July, and October, while January 1 is always observed as a holiday.

The exact amount beneficiaries receive varies depending on their filing status

Individual recipients can receive a maximum of $914 direct payment per month, while eligible couples may be entitled to up to $1,371. Essential persons, who live with SSI recipients and provide them with necessary care, can receive a monthly direct payment of up to $458. However, not all beneficiaries receive the maximum payout.

To qualify for SSI, individuals must meet certain criteria, including being over the age of 65, meeting specific financial requirements, having partial blindness, or having physical or mental conditions that severely limit their daily activities for at least 12 months or are expected to result in death. It is important to note that SSI direct payments are separate from regular Social Security benefits provided to retirees.

The SSA has been issuing SSI payments since January 1974, and direct payment rates have consistently increased to account for cost-of-living adjustments since 1975. Based on June’s data, it is expected that the cost-of-living adjustment for 2024 will result in an approximate 3% increase.

 

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