Recipients of the Supplemental Security Income are slated to receive their second $841 regular payment this month in just 12 days, or a little under two weeks, because of a payment scheduling quirk that occurs multiple times a year.
SSI recipients will receive their regular October payments on Sept. 30 due to Oct. 1 falling on a weekend this year. Because of this phenomenon, eligible people will receive two payments within the same month for a total of $1,682 in checks.
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Eligible couples will receive two SSI payments of $1,261 this calendar month for a total of $2,522, and essential persons, or those who live with people receiving SSI and give them necessary care, will get two checks of $421 this calendar month, with the next payment arriving Sept. 30.
SSI payments are issued by the Social Security Administration 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, according to the SSA.
The scheduling oddity happens multiple times in a year, with it occurring for the January, May, and October payments this year.
SSI was first given out to eligible individuals and couples by the Social Security Administration in January 1974, with the size of the payments increasing due to cost-of-living adjustments starting in 1975 to combat year-to-year inflation, per the agency.
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Social Security payments are expected to increase next year to stay on pace with inflation, with some analysts predicting the cost-of-living adjustment for Social Security in 2023 may be 10.5% or more, which would move recipients of regular Social Security payments into higher tax brackets.
Some analysts estimate Social Security insolvency will occur as early as 2034 unless acted upon by Congress.
