Social Security update: In slightly more than one month, millions of Supplemental Security Income recipients will receive their first payment for 2024, which is worth up to $943 for individual filers.
We will issue the payment in 32 days, on Thursday, February 1, 2024, which marks the first day of the 2024 calendar year. Due to a scheduling error in the calendar of the Social Security Administration, recipients received two payments in December but none in January.
Social Security update: February direct payment worth $943 goes out in 33 days
Each person receives a different amount depending on whether they are an essential person, a joint filer, or an individual filer.
The Social Security Administration (SSA) reports that this year, monthly payments for essential persons who reside with SSI-receiving individuals and provide them with necessary care will amount to $472, while eligible couples will receive up to $1,415 each. In comparison with 2023, these figures grew by 3.2%.
The Social Security Administration’s calculator allows applicants to access a personalized estimate, although not all applicants will be granted the utmost payment.
Supplemental Security Income (SSI) payments are in addition to the regular Social Security benefits received by children and individuals with limited income and blindness or another disability receive monthly payments. An individual must be completely or partially blind or have a “physical or mental condition” that significantly restricts their daily activities for a minimum of 12 months or more, or that has the potential to cause mortality, to qualify for Supplemental Security Income (SSI).
The SSI program, established in 1974, aims to provide additional aid to the most vulnerable members of society, such as the elderly, impaired, and disabled. The program’s goal was to establish a minimum income level that state assistance programs would then supplement.
Social Security update: First round of January payments worth $4,873 goes out in 11 days
