The Social Security Administration (SSA) is responsible for planning SSI payments. Even if the administration does not finance Supplemental Security IncomeThe SSA administers it.
The thing is, if you look at the Social Security payment schedule, there is no SSI payment in the month of January. However, this is not unusual.
The Social Security Administration needs to step up SSI payments from time to time. Also, it doesn’t mean recipients miss a payment. All Supplemental Security Income beneficiaries will receive 12 payments per year.
WHY NO SSI PAYMENTS IN JANUARY?
The reason not to SSI payment in January is logical. The Social Security Administration always sends money on a working day. Also, checks usually arrive on the first day of the month.
Since January 1 was a federal holiday, the payment for January was due on December 29, 2023. So, SSI recipients received their money 3 days before New Years. This may lead people to think that there is no SSI payment in January.
The thing is, recipients received it in December and were able to enjoy it before the deadline. In fact, they were the first beneficiaries to receive 2024 COLA Increase but it can also have disadvantages.
This may not be good if you miss it money. The sooner you get your check, the faster you can spend your money if you’re not good at managing your monthly budget.
NEXT SUPPLEMENTARY INSURANCE PAYMENT AND MAXIMUM AMOUNTS FOR 2024
Following the aforementioned payment schedule, SSA has determined the following SSI Payment for February 1st2024. This will therefore be the first day in 2024 that Supplementary Insurance Income beneficiaries can receive their new amount.
After 2024 COLA Increase, the new maximum amount is available. However, the maximum amount will depend on the type of beneficiary you are. So not everyone qualifies for the same amount.
For example, if you are an important person, your SSI payment it could cost as much as $472, down from $458. Married couples who are both eligible can receive up to $1,415, up from $1,371.
The maximum amount for an individual of Supplemental Security Income is $943 in 2024 versus $914. So a person can get up to $29 extra per month if they qualify. If you can’t make ends meet and your SSDI or retirement check is too low, apply for SSI.