The monthly installment will be sent out on Sept. 1 and is the first of two payments for the month because of a scheduling kink in the administration's schedule. Recipients will receive a second payment that replaces October's monthly payment on Friday, Sept. 29, because Sept. 30 and Oct. 1 are on a weekend this year.The amount of money that beneficiaries receive depends on how they file for the benefits. Eligible couples can receive the highest amount of up to $1,371 every month.
In order to qualify for the Supplemental Security Income program, a person has to be over 65 and meet specific financial requirements. Those under 65 could also qualify if they are at least partially blind or have a physical or mental condition that seriously limits their daily activities for at least one year or is expected to result in death. Even children can qualify under the second set of requirements if their parents have limited income or savings.
SSI payments were first issued by the administration in January 1974, and payment rates have increased for cost-of-living adjustments since 1975, according to the agency. The COLA for 2024 is expected to be an approximately 3% increase based on the most recent numbers, but the exact number for the increase will not be known until Oct. 12.
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