As October starts, millions of Americans are looking forward to getting their Social Security Administration (SSA) checks. This month is especially important because recipients will still be getting payments that have been adjusted for the 2024 Cost-of-Living Adjustment (COLA). But not everyone will get their money at the same time. Some people who are supposed to get it will get it before others.
People who receive Supplemental Security Income (SSI) are the first to get their monthly payouts. These people always get their payments on the first of the month, unless that day is a government holiday or the weekend. In that case, they get their payments early.
Social Security payments in October: who gets paid first?
The Supplemental Security Income (SSI) program helps people who don’t have a lot of money or resources every month by giving them money. SSI is run by the Social Security Administration (SSA), but it is not paid for by taxes on Social Security. Instead, the U.S. Treasury directly backs it up.
This program was made in 1972 as part of a larger effort to change Social Security. It is meant to help older adults, people with disabilities, and blind people who are having a hard time with money.
Who qualifies for SSI?
The purpose of the SSI program is to assist people who, because of their age or health, are unable to make enough income. This tool may be able to help the following groups:
- 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 important to know that the amount of money SSI users get each month may change based on where they live. This is because some states offer extra payments on top of the government benefit.
How much money do SSI beneficiaries receive?
The amount that an SSI recipient gets varies on a number of things, such as where they live and whether they receive any other special payments. In 2023, the most a person could get from the federal government was about $914 a month. The most that a couple could get each month was about $1,371.
You might get more if you live in a state that offers extra perks. It’s a good idea to find out if you can get these extra payments based on where you live.
When are SSI payments distributed?
Most of the time, SSI payments are made on the first of every month, unless that date comes on a federal holiday or weekend. When this happens, the payment is sent on the last business day before. Say October 1 is on a Saturday. The people who are supposed to get the money would get it on Friday, September 30.
This payment plan makes sure that people who depend on SSI get their money right at the beginning of each month, without having to wait through the weekends or holidays.
How is SSI funded?
As we already said, SSI doesn’t get its money from Social Security’s Trust Fund like other benefits do, like retirement or disability benefits. Instead, it gets its money from the U.S. Treasury. The goal of the program was to give vulnerable groups, especially those who haven’t worked long enough to earn enough Social Security points under the old system, an extra safety net.
It is important to make this difference because SSI and Social Security benefits are often mixed up, even though they are paid for and used for different things. Social Security payments are based on how much you worked and how much you earned. SSI, on the other hand, is a needs-based program meant to help people who don’t have much money.
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