SSI recipients will see an early payment in September. Since the first of the month falls on a weekend, the Social Security Administration (SSA) will issue payments on the previous business day, Friday, August 30. This means SSI recipients will receive their usual payments earlier than expected. However, they will still get their full benefits, just on a different date.
The Supplemental Security Income (SSI) program helps low-income seniors over 65, people with disabilities, and children in difficult financial situations. To qualify, applicants need to show they have low income and meet the SSA’s resource limits, which are $2,000 for individuals and $3,000 for couples. Typically, individuals receive up to $943 per month, and couples get up to $1,415. For more details on eligibility and future payment dates, check with the SSA.
The total change in Social Security payments for September
Social Security provides SSI benefits to nearly 5 million low-income seniors, disabled individuals, and children who meet specific income and resource criteria. These payments are sent to all 50 states, the District of Columbia, and the Northern Mariana Islands each month. States and other regions can choose to increase these SSI payments, but the federal government oversees these adjustments. Without this assistance, many elderly, disabled, and child beneficiaries would struggle financially.
Many low-income seniors, who are 65 and older, rely on their Social Security payments to cover essential expenses. These payments help with living costs, entertainment, taxes, loans, housing, health care, and hobbies. To ensure recipients know when to expect their payments, the Social Security Administration has created a payment schedule for 2024 that beneficiaries can review and print.
According to the Social Security payment schedule, you usually get your SSI payment on the first of each month. If the first falls on a weekend or federal holiday, you’ll receive your payment on the last working day of the previous month. Since September 1 is a Sunday, there won’t be any Social Security payments next month. Instead, you’ll get your payment on August 30. Payments will then continue on the first of the month after that. Here’s the schedule:
- August (September) – Friday, August 30
- October – Tuesday, October 1
- November – Friday, November 1
- November (December) – Friday, November 29
Are small business beneficiaries required to pay taxes on their Social Security payments?
The Internal Revenue Service (IRS) says that Supplemental Security Income (SSI) benefits are not taxed because they are funded by the federal government, unlike Social Security benefits, which include retirement, survivor, and disability benefits and can be taxed. Most people who get SSI won’t owe taxes unless they have significant income from other sources.
The Social Security Administration explains that if you file separate tax returns and your total income is over $25,000, up to 85% of your retirement or disability benefits could be taxed. If you file jointly with your spouse and your combined income is more than $32,000, you might pay tax on up to 85% of your benefits. Married couples who file separately may also face taxes on their benefits. Filing jointly can help avoid paying taxes. Even if you only receive a small Social Security check, you may still need to report it.