Social Security’s payment schedule unveiled some great news for some eligible recipients. Getting money sooner than expected is always fantastic news and this is what will happen in August.
For those who are new to Social Security payments, some recipients can get 2 monthly checks. One of them is from the Social Security Administration, and the other one is from the Federal government, the Supplemental Security Income. SSI is generally due on August 1 and retirement benefits on August 3.
Why will there be 2 consecutive payments in August according to Social Security’s schedule?
The Agency never schedules a payment on holidays or Saturdays and Sundays. That is why the August 3 retirement benefit payment had to be rescheduled. So, SSA had to set it for August 2 instead.
Since there is already an SSI payment on August 1, there will be 2 consecutive payments next month. The thing is many retirees can qualify for both payments if they have a low income.
So, those retirees who have a low income can also receive Supplemental Security Income simultaneously. The retirement benefit amounts of your payments may vary since it depends on your work history.
Social Security and SSI amounts for August 1 & August 2
SSI recipients get average payments of about $697 said the Administration in June. However, if you are on retirement benefits and SSI at the same time, the amount of your SSI may be much lower.
Bear in mind that SSI supplements your monthly earnings. So, the higher your retirement benefits are, the lower your SSI will be. 65-year-olds and older get an average SSI payment of about $574.
Retirees get an average payment of about $1,916, but this amount may not be accurate for those who get Supplemental Security Income and it may be much lower. If you cannot make ends meet and get both benefits, it is time to apply for SNAP benefits.