The Social Security Administration (SSA) is in charge of scheduling SSI payments. Even if the Administration does not fund Supplemental Security Income, SSA administers it.
The thing is that if you have a look at the Social Security payment schedule, there is no SSI payment during the month of January. However, this is not unusual.
The Social Security Administration has to advance SSI payments from time to time. Besides, this does not mean that recipients miss a payment. All Supplemental Security Income beneficiaries will get 12 payments per year.
WHY IS THERE NO SSI PAYMENT IN JANUARY?
The reason why there is no SSI payment in January is logical. The Social Security Administration always sends money on a business day. What is more, checks usually arrive on the first day of the month.
As January 1 was a Federal holiday, the January payment was due on December 29, 2023. So, SSI recipients got their money 3 days before New Year. That can make people think there is no Supplemental Security Income payment in January.
The thing is recipients got it in December and could enjoy it before the due date. In fact, they were the first beneficiaries to receive the 2024 COLA increase but it may also have disadvantages.
This may not be a good thing if you are short of money. The earlier you receive your check, the faster you may spend your cash if you are not good at managing your monthly budget.
NEXT SUPPLEMENTAL SECURITY INCOME PAYMENT AND MAXIMUM AMOUNTS FOR 2024
Following the previously mentioned payment schedule, SSA has set the next SSI payment for February 1, 2024. Hence, this will be the first day in 2024 when Supplemental Security Income beneficiaries can collect their new amount.
After the 2024 COLA boost, the new maximum amount is available. Nevertheless, the maximum amount will depend on the type of beneficiary you are. So, not everyone qualifies for the same amount.
For instance, if you are an essential person your SSI payment can be worth up to $472, up from $458. Those married couples who are both eligible can receive up to $1,415, up from $1,371.
The maximum amount for an individual on Supplemental Security Income is $943 in 2024, up from $914. Thus, a single person may receive up to 29 dollars extra per month if eligible. If you cannot make ends meet and your SSDI or retirement check is too low, apply for SSI.