Federal SSI Payments Of $698 To Be Sent In Less Than One Week: What to Expect

Millions of Americans rely on Supplemental Security Income (SSI) to help cover basic expenses.

SSI is a benefit program aimed at individuals who have low income, are disabled, blind, or at least 65 years old, and who don’t qualify for full Social Security benefits or receive only a small amount from Social Security Disability Insurance (SSDI) or retirement benefits.

With the next SSI payment scheduled for October 1, 2024, recipients should expect their direct deposit or check soon. Let’s break down the key details of this upcoming payment and what beneficiaries need to know.

What Is SSI?

Supplemental Security Income (SSI) is a federal program designed to provide financial assistance to people with limited income and resources. Unlike Social Security retirement or SSDI benefits, SSI is not based on your work history.

Instead, it helps those who don’t qualify for regular Social Security or whose Social Security payments are too low to meet their living expenses.

SSI payments help recipients cover essential costs like housing, food, and medical care. To qualify, you must meet strict income and asset limits, in addition to being disabled, blind, or aged 65 or older.

October 1, 2024: Payment Date

The next SSI payment will be issued on October 1, 2024, which is in less than a week. This payment date is the same for all SSI recipients, regardless of location. Since October 1 falls on a weekday and isn’t a holiday, you can expect the funds to arrive on time.

This payment will not yet include the 2025 Cost of Living Adjustment (COLA), which will be applied to the December 31, 2024 payment.

The COLA adjustment ensures that SSI and other Social Security benefits keep pace with inflation, but the October payment still reflects the 2024 COLA.

Maximum SSI Payments on October 1, 2024

SSI payments vary depending on factors such as your income and living situation. Here are the maximum SSI amounts you can expect on October 1, 2024:

• Individual recipients: Up to $943
• Married couples: Up to $1,415 (combined)
• Essential persons (those living with someone who is essential to their care): Up to $472

It’s important to note that these are the maximum possible payments. Your actual benefit may be lower depending on your income, other benefits you receive, or your living arrangements.

Example of Payment Amounts

Recipient Type	Maximum Payment (October 1, 2024)
Single individual	$943
Married couple	$1,415
Essential person	$472

What If You Receive Other Social Security Benefits?

If you receive both SSI and Social Security Retirement or SSDI benefits, you will receive two separate payments.

• SSI payments will arrive on October 1, 2024.
• Social Security retirement or SSDI payments will be sent on October 3, 2024.

This means that some recipients could see two payments in just 48 hours—one from SSI and another from Social Security retirement or SSDI.

The average retirement benefit for Social Security recipients is around $1,920, while the average SSDI payment is about $1,539. The average SSI payment is $698, but your actual amount may be lower if you have other income.

Factors That Affect Your SSI Payment

Your SSI benefit may be reduced based on your income or living situation. For example:

• Earned income: If you have income from employment, this can lower your SSI payment. Only part of your earned income is counted when calculating your SSI amount, but it will still affect your final payment.
• Other benefits: If you are receiving other forms of federal assistance, such as SSDI or Social Security retirement benefits, your SSI payment may be adjusted. The more additional income you have, the lower your SSI benefit will be.
• Living arrangements: If you live with someone else who covers most of your expenses (like a family member or caretaker), this could reduce your SSI payment as well.

SSI COLA Increase Coming in December 2024

While the October 1 payment does not include the 2025 COLA, recipients can look forward to an increase at the end of the year.

On December 31, 2024, the Social Security Administration will issue SSI payments that include the new COLA increase, which helps adjust benefits for inflation. This is especially important as rising costs continue to affect Americans’ ability to meet their basic needs.

The COLA increase will not only apply to SSI but also to Social Security retirement and SSDI benefits. This adjustment ensures that recipients can maintain their purchasing power in the face of rising inflation.

With the October 1, 2024, SSI payment just around the corner, recipients can expect their direct deposits or checks to arrive soon.

If you qualify for both SSI and Social Security retirement or SSDI, you’ll receive two payments in quick succession, offering additional financial relief.

Remember that your SSI benefit could vary based on your income, living situation, and other factors. And while this payment reflects the 2024 COLA, the 2025 COLA increase will come with your December 31 payment, offering a modest boost to help with inflation.

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