Social Security Income: Millions of Americans will get two payments worth up to $1,682 in days

September 29, 2022 Willy Harper Finance 0

4th Stimulus check (15)

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The average SSI claimant is getting $621 a month in benefits this year, as the cost-of-living adjustment (COLA) has climbed to 5.9% in 2022. The maximum payment per individual is $841 per month. There are about eight million people who depend on SSI benefits.

This month, SSI beneficiaries are receiving two payments. The most recent double payment month happened in April, as the first of the month (the day benefits usually are sent out) landed on the weekend.

When that happens, SSI beneficiaries can expect two payments during the affected month. It means SSI claimants can expect two of the same checks worth up to $1,682 in total in September.

Stimulus check 2022 (2)

The payment schedule will be impacted because October 1 lands on a Saturday.

As a result, benefits are scheduled to be issued the Friday before, meaning SSI claimants will get their second check tomorrow.

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While the schedule is only impacted by a day, you’ll want to keep the change in mind when looking at your monthly statements.

Also, it’s important to note that those on SSI won’t get a payment in October.

As for Social Security claimants, nothing will impact the schedule this and next month, so they can expect to receive their payments on Wednesday they usually get theirs.

Social Security payments are paid out on three different Wednesdays of the month, depending on your birthday.

The fourth Social Security check this month was sent out yesterday.

Who qualifies for SSI?

SSI, run by the Social Security Administration (SSA), aims to help those over 65 and blind and disabled people with little or no income.

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Along with having a disability, whether you qualify or not depends on your assets.

Individuals can’t have more than $2,000 in assets to meet the requirements, while couples can have up to $3,000.

But the SSA exempts some things you own, which include the following:

    • Life insurance policies with a face value of $1,500 or less
    • Your car (usually)
    • Burial plots for you and members of your immediate family
    • Up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse
    • The home and land where you live

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