September is Critical Months for Social Security Recipients There are several reasons, one of which is that today is the final month used to determine US inflation indicators. Next Year Cost of Living Adjustment (COLA). Another reason is that certain Social Security recipients will receive two checks in September 2023.
These checks are issued to qualified persons. Supplemental security income (SSI) Advantage. The first SSI checks will be issued on Friday, September 1, according to the Social Security Administration. The second book he will be published on Friday 29th September, four weeks later.
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Due to the peculiarities of the payment schedule, SSI beneficiaries will receive two payments in March, June, September and December, but no payments will be credited in January, April, July and October. not. The additional payment for September is considered an advance payment for the following month.
If payment is not received on the expected date, SSA advises 3 additional days to mail Before Contacting an Agent. If you receive a direct deposit, you can expect to receive your payment on the expected date, although availability of funds may vary by bank.
SSI benefits are available to low-income individuals with limited resources who are blind, age 65 or older, or have an eligible disability. A covered disability is one that prevents you from working and is expected to last for a year or result in death.
The federal SSI benefit rate for 2023 is $914 for individuals and $1,371 for couples. However, some states supplement their federal SSI benefits with additional payments, resulting in higher total SSI benefits. The amount of SSI benefits and additional state payments will vary based on your income, living arrangements, and other factors.
The following states and U.S. territories do not pay additional fees to SSI recipients: Arizona, Arkansas, Mississippi, North Dakota, Northern Mariana Islands, Tennessee, and West Virginia.
Social Security retirement benefits will be paid in September 2023 as usual. If your birthday is on his 1st,cent through 10th, payments are received on the second Wednesday of each month, which is September 13th. If her birthday is on the 11th,th through 20 yearsth, due on the second Wednesday (September 20). Those whose birthday is on the 21stcent up to 31cent Payment will be made on the 3rd Wednesday (September 27th).
If you received Social Security before May 1997, or received both Social Security and SSI, Social Security will be paid on September 3 and SSI will be paid on September 1 and September 29. will be split. You can see the full payment schedule for 2023. here.
Meanwhile, the September inflation rate will tell a lot about the 2024 Social Security COLA. cola Based on Q3 inflation (July, August, September) Measured by consumer price index (CPI-W) for urban wage earners and office workers. SSA bases its calculations on third quarter CPI-W growth compared to the same period last year.
With inflation declining this year, the 2024 COLA will be expected to be around 3.0% — significantly lower than the 2023 COLA of 8.7%.
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This article was originally published on GOBankingRates.com: Social Security: You Can Get Your Second Check in September – Here’s Why