This month, some retirees might not receive an unusual second Social Security payment. This payment is available only to those who qualify for Supplemental Security Income (SSI) and have met all the required conditions. If you qualify for SSI, here’s all the information you need about this unique payment and when you can expect it again throughout the year.
How Social Security Payments Work
Each month, the Social Security Administration (SSA) delivers benefits to millions of people, including retirees, survivors, disabled individuals, and SSI recipients. The majority of these payments are distributed by the Retirement, Survivors, and Disability Insurance (RSDI) program. This program uses funds collected from employer and employee contributions.
What is Supplemental Security Income (SSI)?
SSI provides a fixed monthly Social Security payment to those who meet specific income and resource limits set by the SSA. This program is especially important for low-income elderly and disabled people who often have very limited resources.
Why Do People Depend on SSI?
Many SSI recipients rely heavily on their monthly benefits because their income and resources are usually insufficient. The SSI program has strict savings requirements, and recipients are often either very old or disabled, preventing them from working. The government provides this money to help cover basic needs like shelter, food, and clothing.
Income and Asset Limits for SSI
According to SSI program statistics, an individual can’t earn more than $1,913 per month to be eligible, while couples can’t exceed $2,827 in monthly income. The asset limits are $2,000 for individuals and $3,000 for married couples for 2023 and 2024.
Since the Social Security payment alone may not be enough, SSI recipients often need to find additional income sources to improve their financial stability.
Source of the Unusual Second Payment
Unlike RSDI benefits funded by payroll taxes, SSI payments come from Treasury general funds revenues. The SSI program distributes around $65 billion in monthly benefits, representing about 0.26% of GDP. However, SSI has higher administrative costs due to increased demand and a complex eligibility process.
Why the Extra Payment This Month?
This month, SSI recipients will receive a second payment on May 31st because June 1st falls on a weekend. When this happens, the SSA reschedules the payment to the previous business day. So, recipients will get their usual payment on May 1st and an additional one on May 31st. This unusual payment will also occur in August and November.
Confirmed Social Security Payment Dates for 2024
Here’s a list of confirmed payment dates for the SSI program in 2024:
- July: Monday, 1st of the month
- August: Thursday, 1st of the month
- August (September): Friday, 30th of August
- October: Tuesday, 1st of the month
- November: Friday, 1st of the month
- November (December): Friday, 29th of November
If your payment doesn’t arrive on the specified date, wait at least three to four mailing days before contacting the SSA.
The SSA ensures that millions of people receive their benefits on time each month, helping them meet their basic needs. Understanding the payment schedule and eligibility requirements can help you better plan your finances and know when to expect your payments.
1. Who qualifies for the second Social Security payment?
Only SSI recipients who have met all the required conditions qualify for the second payment.
2. Why is there a second payment this month?
The second payment occurs because the first of June falls on a weekend, and the SSA reschedules payments to the previous business day.
3. When will the next unusual payment happen?
The next unusual payments are expected in August and November.
4. What are the income limits for SSI eligibility?
Individuals can’t earn more than $1,913 per month, and couples can’t exceed $2,827 in monthly income.
5. What should I do if my payment doesn’t arrive on time?
Wait three to four mailing days before contacting the SSA if your payment doesn’t arrive on the specified date.