Recipients of Supplemental Security Income are expected to receive the first of two September payments in less than a week.
Those who are eligible will receive their first payment of $841 on September 1, four days from now, and a second payment of the same amount is expected to be made on September 30, totaling $1,682 for the month, according to the administration. of social security.
STIMULUS 2022 UPDATE: ONE-TIME DIRECT PAYMENTS OF $1,400 PER CHECK TO BE SENT
September is one of three months this year in which people receive two Supplemental Security Income payments. The other two months with two installments are April and December. The The SSA program shows eligible SSI recipients receive 12 payments this year approximately every four weeks. There are three months for which no payment is expected because their first day falls on the weekend. These are January, May and October.
This year, eligible couples will receive two payments of $1,261 for the month of September. Essential people, those living with someone receiving Supplemental Security Income and providing necessary care, will receive two installments of $421 to be paid on the same days.
Supplemental Security Income, which began operating in 1974, is a federal income supplement program “funded by general tax revenues (not Social Security taxes).” according to its government website. SSI “is designed to help elderly, blind, and disabled people with little or no income,” and it “provides cash to meet basic food, clothing, and shelter needs,” according to a description on the site.
More than 7.5 million people received SSI payments as of July 2022, monthly statistics on the program website show.
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Analysts expect Social Security payments to rise likely due to rising inflation rates, according to Nexstar Multimedia Cable. However, some may end up earning less than they currently receive because the increased payments could put them in a higher tax bracket.
Without Congressional action, Social Security Trust Fund reserves are expected to begin to dry up by 2035, the year 2022. social security board report found. “At the time of depletion of these combined reserves, the continued income from the combined trust funds would be sufficient to pay 80% of projected benefits,” the report said.