2024-04-22 02:25:00
If you are among the 7.5 million beneficiaries of the federal program Supplemental Security Income (SSI)designed to help those with limited resources and income, in this note made by Gestión you will find information about the deposit date, the amounts and the double payment scheduled for May 2024. Remember that everything is according to the amount which is specified in the official schedule provided by the Social Security Administration (SSA).
A surprise for May 2024! The Social Security payment schedule for the fifth month of the year confirmed that there will be two payouts that will benefit those with limited resources.
Social Security confirmed two payments scheduled for May of this year (Photo: Pexels)
In case you don’t know, Supplemental Security Income beneficiaries get their payments on the first of every month. However, there are some exceptions that exclude North American residents.
SSI IN MAY: WHY IS THERE A DOUBLE PAYMENT IN THE FIFTH MONTH OF 2024?
The program sets two payment dates for the month of May, but it will not be an additional payment or an additional benefit, but the June pension. And, according to the Social Security Administration (SSA), payments must be made on the 1st of each month, but when it falls on a weekend or holiday, the payment is made before the month begins. In this case, June 1 falls on a Saturday, which is why they have decided to postpone the payment until May 31.
That is to say that the payments would be as follows:
- Wednesday, May 1 (corresponding to the month)
- Friday, May 31 (corresponding to June)
Keep in mind that the Social Security Administration always warns about these kinds of changes, since the vast majority of beneficiaries depend on this program. By knowing the exact payment dates, you will be able to manage your personal finances more effectively.
Payment schedule 2024 (Photo: SSA)
SSI: HOW MUCH IS THE SUPPLEMENTAL SECURITY INCOME PAYMENT?
Below are the average amounts SSI program beneficiaries will receive by 2024, according to the Social Security Administration (SSA).
- Average individual payments: US$943
- Average payments per couple: US$1,415
- Required persons: US$473
Remember, to access this benefit, you only need to meet some of the requirements, such as being an older adult with limited resources.
Average payments per couple can reach up to US$1,415 (Photo: Pexels)
At the same time, you must have a disability certificate or a retirement certificate before you reach full retirement age for health reasons.
MORE INFORMATION ABOUT SOCIAL SECURITY
WHO DOES SOCIAL SECURITY COVER IN THE UNITED STATES?
Social Security in the United States covers a variety of people, including:
- Retired people: Those who have reached retirement age and have accumulated enough work credits to be eligible for benefits.
- People with disabilities: Those with disabilities that prevent them from working and meet specific criteria established by Social Security.
WHAT IS THE TAIL?
The cost of living adjustment (COLA) is based on the increase in the Consumer Price Index (CPI-W). It is calculated every year from the third quarter of the previous year and the current one.
The purpose of the COLA is to ensure that the purchasing power of Social Security Income and Supplemental Security (SSI) benefits is not eroded by inflation. If there is no increase, there can be no COLA.
HOW DO I KNOW IF I HAVE THE SOCIAL SECURITY PAYMENT?
All information regarding Social Security and check payment can be found at the government entity’s websitewhich you can access in Spanish.
WHY DO SOME PEOPLE WHO HAVE NEVER WORKED GET A SOCIAL SECURITY PENSION?
History of Social Welfare and there were always delays, government bureaucracy and time for participants. While for some it’s a simple information exercise, others have to suffer from the little help from the SSA itself to expedite the monthly check they’re entitled to as a beneficiary.
However, and although there are a large number of laws that regulate these payments, there are still 4 legal loopholes that facilitate these money leaks for those who have never worked, and therefore only contributed to the mutual fund the amount.
WHY DO CHILDREN RECEIVE SOCIAL SECURITY BENEFITS?
Children, adopted children, or stepchildren can receive these benefits to cover their needs, such as education. When a parent becomes disabled or dies, Social Security benefits help stabilize the family’s financial future.
In the case of the minors with disabilitieswhose parents have low incomes or limited resources, may be eligible for Supplemental Security Income (SSI) benefits.
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