If you are 65 years or older and on SSI and Social Security payments, you should keep up-to-date with paydays. It was last December 29 when the Administration sent the last Supplemental Security Income in the United States.
Therefore, you may not have much money left by now if you have been carried away by the Christmas shopping spree. Getting an SSI check three days in advance and not getting it on January 1 may have some positive aspects but some downsides too.
When you live on a shoestring budget, 3 days could mean the world to you. So, let’s have a look at the new paydays for February and the possible amounts for SSI beneficiaries.
SSI PAYMENT DATE IN FEBRUARY 2024
The Social Security Administration has announced the February dates for the Supplemental Security Income payments. Supplemental Security Income recipients can collect their monthly payments on February 1.
Therefore, it will not arrive on the 29 like last December payment. What is more, many SSI beneficiaries receive Social Security benefits at the same time. Usually, they get Supplemental Security Income on the first day of the month and Social Security on the 3rd.
However, this month they will get their Social Security on February 2. February 3 is not a business day. Banks and financial institutions may not work on February 3.
Hence, the Social Security Administration always sends SSI or Social Security payments on business days. This is particularly important if you have to pay a loan or mortgage. Knowing you will get your money in advance is a relief if you have missed an installment.
MAXIMUM AND AVERAGE CHECK AMOUNTS FOR FEBRUARY 2024
Bear in mind that the amount of your SSI payment may not be the same as the one other beneficiaries receive. This is because Social Security can reduce the amount of your payment if you have other earnings.
Of course, SSI is only for low-income people. Thus, you must have little or no money in your bank account and low earnings. The average Supplemental Security Income payment is about $674 as of December 2023.
Under-18s can get about $793 from SSI. Those who are aged 18-64 can get about $718 on average. If you are 65 years old or older you may get about $522.29 if you receive the Supplemental Security Income.
Some Supplemental Security Income recipients may qualify for Social Security. If that is your case, your Social Security payments could be lower than the average check worth $1,907 in 2024.