The Social Security Administration (SSA) has confirmed that the final Social Security payment for August will be issued on Friday, August 30th. This date is significant because it marks an additional payment for Supplemental Security Income (SSI) recipients, as the usual September 1st payment would fall on a Sunday.
Typically, SSI benefits are distributed on the first of each month, unless that date falls on a weekend or a federal holiday. Due to this scheduling quirk, recipients will receive two SSI payments in August, and they can expect a similar situation in November and December, as the first days of December and January also fall on weekends and a federal holiday.
New Direct SSI Payment Confirmed for August
The Supplemental Security Income (SSI) program is a critical financial lifeline for millions of vulnerable Americans, particularly low-income elderly or disabled adults who struggle to cover their basic living expenses.
On average, SSI recipients receive $698 per month. However, depending on their filing status, individuals and couples could be eligible for up to $943 and $1,415, respectively. Additionally, some recipients who meet the Essential Person (EP) criteria may qualify for an extra payment of $472.
As per the official Social Security payment schedule, SSI payments are typically disbursed on the first of the month unless that date falls on a weekend or federal holiday. According to the SSA, here are the confirmed SSI payment dates for the remainder of the year:
| Payment Date | Reason |
|---|---|
| Monday, July 1 | Regular payment |
| Thursday, August 1 | Regular payment |
| Friday, August 30 | Payment for September |
| Tuesday, October 1 | Regular payment |
| Friday, November 1 | Regular payment |
| Friday, November 29 | Payment for December |
Potential SSI Payment Increase in 2025
SSI recipients may also see a further increase in their monthly payments later this year due to the annual Cost of Living Adjustment (COLA).
The SSA routinely adjusts benefits to reflect changes in the cost of living, helping beneficiaries maintain their purchasing power in the face of inflation. For example, this year saw a 3.2% increase in benefits, which could rise again soon.
However, financial experts, including those from the Senior Citizens League, have suggested that the COLA for 2025 may not be as substantial as some beneficiaries hope.
Preliminary projections suggest that the COLA for 2025 could range between 2.6% and 3%. Although this is only an estimate, the official increase will be announced in October 2024. If a 3% COLA goes into effect, the following adjustments to SSI payment levels could be anticipated next year:
| SSI Benefits | Current Payment | Including 2025 COLA (3%) |
|---|---|---|
| On Average | $698 | $719 |
| Individuals | $943 | $971 |
| Couples | $1,415 | $1,457 |
| Essential Person | $472 | $486 |
Conclusion
The Social Security Administration’s upcoming payment schedule includes important updates for SSI recipients, with an additional payment scheduled for August 30th due to the timing of the September benefits.
As always, beneficiaries should monitor their accounts and stay informed about potential COLA increases that could further boost their payments in 2025. While the exact percentage of the COLA increase remains uncertain until later this year, the projections suggest a potential rise of 2.6% to 3%, ensuring that SSI recipients continue to receive the support they need to cover their living expenses.
Q1. Why is there an additional SSI payment in August?
A. The additional payment in August is due to September 1st falling on a Sunday. To ensure beneficiaries receive their payments on time, the SSA is issuing the September payment on August 30th.
Q2. Will there be similar payment adjustments later this year?
A. Yes, similar adjustments will occur in November and December, as the first days of December and January also fall on weekends and a federal holiday.
Q3. What is the average SSI payment?
A. The average SSI payment is currently $698 per month, but this amount can vary depending on individual circumstances.
Q4. What is the potential COLA increase for 2025?
A. The projected COLA increase for 2025 is estimated to be between 2.6% and 3%, but the official percentage will be announced in October 2024.
Q5. How does the COLA affect SSI payments?
A. The COLA is an annual adjustment that increases SSI payments to help beneficiaries keep up with inflation and maintain their purchasing power.
