Supplemental Security Income recipients are set to receive their second $841 payment this month in just over two weeks due to a scheduling quirk that occurs multiple times a year.
Because Oct. 1 falls on a weekend this year, SSI recipients will receive their regular October payments on Sept. 30. Those eligible will receive two checks within the same month for a total of $1,682 in payments.
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Couples who are eligible for SSI will receive two payments of $1,261 this month for a total of $2,522. Essential persons, or those who live with people receiving SSI and give them necessary care, will receive two payments of $421 this month, with the next payment arriving Sept. 30.
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, according to the agency. The scheduling quirk occurs multiple times in a year, with it happening for the May and January payments this year, in addition to the October payment.
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 for cost-of-living adjustments since 1975, per the agency.
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Regular Social Security payments are expected to increase next year to stay on pace with inflation. Some analysts are predicting the cost-of-living adjustment for Social Security in 2023 may be 10.5% or more, which would move recipients of Social Security payments into higher tax brackets.
Estimates say Social Security insolvency will occur in 2034 at the earliest unless acted upon by Congress.
