Social Security payments: First half of $1,682 direct payment to be sent in just 10 days
Recipients of Supplemental Security Income are set to receive their first of two September payments in just over one week.
Eligible recipients will receive their first payment of $841 on Sept. 1 and their second payment on Sept. 30 in the same amount, equaling a total of $1,682 for the month, according to the Social Security Administration. September is one of three months in the year in which people receive two Supplemental Security Income payments. The other two months with two installments this year are April and December.
CONSUMERS MAY QUALIFY FOR OVER $10,000 IN CLIMATE TAX BREAKS AND REBATES
The Supplemental Security Income is a federal program funded by general tax revenues aimed to help “aged, blind and disabled” people who are either unemployed or low-income, according to the government website. The money is designed to meet basic needs, such as food, clothing, and shelter.
Eligible couples will receive two payments of $1,261 for the month of September. Essential persons, meaning someone who lives with a person receiving Supplemental Security Income and provides necessary care, will receive two payments of $421 to be paid out on the same days.
The double payments offset the months in which no payment is sent out to ensure eligible recipients receive 12 payments a year, according to the schedule. The months without a scheduled payment are January, May, and October.
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Analysts expect Social Security payments will likely rise due to growing inflation rates, meaning some may end up earning less than what they receive now because the increase in payments could place them in a higher tax bracket, according to Nexstar Media Wire.
Without action by Congress, Social Security trust fund reserves are expected to start drying up by 2035, according to the 2022 annual report of the Social Security Board of Trustees.
