Americans who rely on Supplemental Security Income (SSI) payments can expect a change in their payment schedule in August 2023.
According to the Social Security Administration, SSI beneficiaries will receive one payment for the month instead of the usual two.
Tuesday, August 1st, is scheduled for the release of the funds. Two checks are going to be issued in September, one on September 1 and the other on September 29.
This unique payment arrangement is due to a quirk in the SSI payment schedule.
Under the current schedule, SSI beneficiaries receive two payments in specific months – March, June, September, and December.
Conversely, no payments are deposited in January, April, July, and October.
The remaining four months – February, May, August, and November – see one payment issued to beneficiaries.
SSI benefits are a lifeline for low-income individuals who are blind or aged 65 or older, or those with a qualifying disability.
To qualify for SSI, individuals must have limited resources, and their disability must keep them from working for at least a year or result in death.
The federal SSI benefit rate for 2023 is $914 for an individual and $1,371 for a couple. However, some states supplement the federal SSI benefit with additional payments, resulting in a higher total SSI benefit.
The exact SSI benefit amounts and state supplemental payment amounts depend on factors such as income, living arrangements, and other eligibility criteria, as outlined by the SSA.
Notably, there are states and U.S. territories that do not pay a supplement to SSI recipients.
Individuals include North Dakota, the Northern Mariana Islands, Arizona, Arkansas, Mississippi, North Dakota, Tennessee, and West Virginia.
August 2023 Payment Schedule & Car Loan Tips
In addition to the SSI payment schedule, regular Social Security retirement benefits will also be paid on the usual schedule in August 2023.
The payment date depends on the beneficiary’s birthday:
If the birthday falls on the 1st through the 10th, the payment will be on the second Wednesday of the month (Aug. 9).
If the birthday falls on the 11th through the 20th, the payment will be on the second Wednesday (Aug. 16).
If the birthday falls on the 21st through the 31st, the payment will be on the third Wednesday (Aug. 23).
As beneficiaries navigate the changing payment schedule, it is essential to remain informed about their entitlements and benefits.
Staying up-to-date with SSA announcements and understanding the payment arrangement can help ensure financial stability.
Outside of government benefits, individuals may also be considering financial decisions, such as purchasing a new or used car.
When seeking a car loan, choosing the right bank is crucial for a seamless and affordable lending process.
Prospective borrowers should compare various options, considering factors such as interest rates, terms, customer service, and convenience to make the most informed decision for their financial future.
Taking time to research and review options can lead to securing the best possible loan for their needs.
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