In August 2024, many Americans receiving Supplemental Security Income (SSI) will get a rare financial boost—an extra Social Security check worth up to $943.
This additional payment is part of a specific schedule adjustment by the Social Security Administration (SSA), not an unexpected windfall. Here’s how it works and what you need to know to ensure you receive this payment.
Understanding the Extra SSI Payment
Why the Extra Payment?
The extra payment for social security in August is due to the way the payment schedule is structured. Normally, SSI payments are issued on the first of each month.
However, when the first falls on a weekend or holiday, the SSA sends the payment on the last business day of the previous month.
In August 2024, SSI recipients will receive their September payment early, on August 30, 2024, because September 1st falls on a Sunday.
Eligibility Criteria For $943 Social Security Check
To qualify for this additional payment, recipients must already be enrolled in SSI benefits. Approximately 7.4 million Americans currently receive SSI, a program designed to help low-income individuals who are aged, blind, or disabled.
The maximum payment amount for an individual in 2024 is $943, while couples can receive up to $1,415 per month.
Impact of the Cost-of-Living Adjustment (COLA)
In 2024, SSI payments saw an increase due to the Cost-of-Living Adjustment (COLA), which rose to 3.2%. This adjustment aims to help recipients keep pace with inflation, though many still struggle with rising costs of living.
The COLA adjustment brought the maximum monthly SSI payment to $943 for individuals, up from $914 in 2023.
Key Information about Extra $943 Social Security Check
| Factor | Details |
|---|---|
| Maximum SSI Payment | $943 (individual), $1,415 (couple) |
| COLA Increase for 2024 | 3.2% |
| Payment Dates in August | August 1st and August 30th |
| Reason for Extra Payment | September 1st falls on a Sunday |
| Total SSI Recipients | Approximately 7.4 million |
Conclusion
This rare double payment can be a helpful boost, especially for those on a fixed income. However, understanding that it’s an advance on your September check is crucial for budgeting effectively. Always keep track of your payment dates and any adjustments to your SSI benefits.
FAQ’s
1. Will I get two checks every month?
No, this is a rare occurrence. The second check in August is an early payment for September.
2. Is this extra money?
No, it’s not additional money. It’s simply your September payment being issued early.
3. Do I need to do anything to receive this payment?
No, as long as you are already receiving SSI benefits, the payment will be automatically deposited.
4. What happens if I receive other Social Security benefits?
The extra payment primarily affects SSI recipients. Regular Social Security beneficiaries won’t see this extra check.
5. How does this impact my income for August?
While it may feel like extra income in August, remember that it’s simply shifting your September payment forward. Plan your budget accordingly.
