Are you a senior or disability recipient waiting for your Social Security payment? Well, mark your calendars, because you might be in for a surprise! Due to a scheduling quirk, some eligible recipients can receive not one, but two payments in the first week of August.
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Who’s eligible for the double payment?
If you’re a Supplemental Security Income (SSI) recipient, you’ll receive your payment on August 1. But here’s the twist: if you also receive Social Security benefits, you’ll get another payment just a day later, on August 2! This unusual scheduling is due to August 3 falling on a weekend, which means the payment gets pushed forward to the previous weekday.
Let’s face it, making ends meet has become increasingly tough due to soaring prices. So, receiving two payments in quick succession can be a huge relief. Just remember, this isn’t extra money or a bonus; it’s just your regular payments arriving a bit earlier than usual.
More Changes in August
Keep in mind that the September SSI payment will be paid on August 30, instead of September 1. This means recipients will receive a total of three payments in August. Be sure to budget accordingly, as the August 30 payment is actually meant for September.
How Much Can You Expect?
The average Social Security payment on August 2 will be $1,918, while SSI recipients aged 65 or older can expect $574. However, if you receive SSI, it’s likely your retirement benefit is lower than average, as SSI is designed for those with the lowest income.
Stay Informed about your Payments
Keep an eye on your payments and plan your budget accordingly. Remember, these double payments are a result of scheduling adjustments, not an increase in benefits. Stay informed, and make the most of this unexpected financial boost!
FAQs
Who is eligible for the double payment in August?
SSI recipients who also receive Social Security benefits are eligible for the double payment.
Why are there two payments in August?
The double payment is due to August 3 falling on a weekend, causing the payment to be pushed forward to August 2.
Will I receive extra money or a bonus?
No, the double payment is not extra money or a bonus, but rather your regular payments arriving earlier than usual.
What is the average payment amount for Social Security and SSI in August?
The average Social Security payment is $1,918, and the average SSI payment for those 65 or older is $574.
What should I do with the August 30 payment?
The August 30 payment is actually the September payment, so be sure to budget accordingly and save it for September expenses.
