As October begins, millions of Americans are eagerly awaiting their Social Security (SSA) payments. This month holds particular importance as beneficiaries will continue receiving payments adjusted by the 2024 Cost-of-Living Adjustment (COLA). However, not everyone will receive their payment at the same time. A specific group of recipients will get theirs earlier than others.
The first to receive their monthly payments are participants in the Supplemental Security Income (SSI) program. These beneficiaries always receive their payments on the first day of each month, unless that day falls on a weekend or a federal holiday, in which case the payment is sent early.
Social Security payments in October: who gets paid first?
The Supplemental Security Income (SSI) program provides monthly financial assistance to individuals with limited income and resources. While it is administered by the Social Security Administration (SSA), SSI is not funded by Social Security taxes. Instead, it is supported directly by the U.S. Treasury. This program was created in 1972 as part of a broader reform of the social security system and is aimed at specific populations facing financial hardship, such as older adults, people with disabilities, or those who are blind.
Who qualifies for SSI?
The SSI program is designed to help individuals who, due to age or medical conditions, are unable to generate sufficient income. Here’s a breakdown of those who may qualify for this program:
- Individuals over 65 years of age with low income and limited resources.
- People with disabilities of any age, as long as they meet certain medical and financial criteria established by the SSA.
- Blind individuals, regardless of age, who must also meet income and resource requirements.
It’s worth noting that the monthly amount SSI recipients receive may vary depending on the state where they live. This is because some states provide additional payments that supplement the federal benefit.
How much money do SSI beneficiaries receive?
The amount an SSI beneficiary receives depends on several factors, including the state in which they reside and whether they receive additional supplementary payments. In 2023, the maximum federal benefit for an individual was approximately $914 per month. For a couple, the maximum amount was around $1,371 per month.
If you live in a state that provides additional benefits, you may receive more, so it’s a good idea to check whether you are eligible for these extra payments based on where you live.
When are SSI payments distributed?
SSI payments are typically issued on the first day of each month unless that date falls on a weekend or federal holiday. In such cases, the payment is sent on the last business day prior. For example, if October 1 falls on a Saturday, beneficiaries would receive their payment on Friday, September 30.
This payment schedule ensures that individuals who rely on SSI for financial support receive their funds promptly at the start of each month, without having to wait through weekends or holidays.
How is SSI funded?
As mentioned earlier, SSI is funded by the U.S. Treasury rather than Social Security’s Trust Fund, which is the source of funding for other types of benefits such as Social Security retirement or disability benefits. The program was designed to provide an additional safety net for vulnerable populations, particularly those who haven’t worked long enough to earn sufficient Social Security credits under the traditional system.
This distinction is important, as the SSI program is often confused with Social Security benefits, even though they serve different purposes and are funded differently. While Social Security benefits are based on work history and earnings, SSI is a needs-based program intended to assist those with limited financial resources.
