Supplemental Security Income payment: Monthly $841 check to be sent to millions in just five days

Supplemental Security Income recipients are set to receive their monthly payments in only five days.

Eligible individual filers are set to receive their monthly payments of $841, while couples who are eligible for SSI will receive their regular payments of $1,261. Essential persons, or those who live with people receiving SSI and give them necessary care, will receive payments of $421, with all who are eligible receiving their payments on Nov. 1.

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The Social Security Administration issues SSI payments on the first of each month, but when that day falls on a holiday or weekend, payments are issued on the last weekday before the first of the next month, per the agency. Multiple times during the year a scheduling quirk occurs, such as in January, May, and October of this year, during which beneficiaries will receive two of their monthly payments in the same calendar month.

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SSI payments were first issued to eligible individuals and couples by the Social Security Administration in January 1974. To combat year-to-year inflation, the size of payment has increased yearly for cost-of-living adjustments starting in 1975, according to the agency.

Some analysts are estimating Social Security insolvency will occur in 2034 at the earliest unless acted upon by Congress.

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