Beneficiaries of the Supplemental Security Income, or SSI, would have noticed by now that for the month of May this year, they will be receiving not one, but two SSI payments — one at the beginning of the month and another at the end. The Social Security Administration uploads its benefit payment schedule for the full year at the beginning of the year so that beneficiaries can be aware of any changes in payment dates such as this “extra” SSI payment.
This second payment is not a bonus check, however, and as such, beneficiaries should exercise caution when planning out their budgets for May and June.
What is the Supplemental Security Income?
The Supplemental Security Income (SSI) is a benefit paid out to qualifying individuals by the Social Security Administration each month. It is not that much different to the traditional Social Security benefit in the sense that it is paid to vulnerable individuals as a source of income.
In order to qualify for SSI benefits, an individual would need to either be an older adult or be living with a qualifying disability whilst having little to no other sources of income. According to the SSA website, in order for an adult — and in special cases, children — to qualify for SSI benefits, they should have:
- Little or no income, and
- Little or no resources, and
- A disability, blindness, or are age 65 or older.
In certain cases, beneficiaries may qualify to receive both the traditional Social Security benefit, as well as the Supplemental Security Income each month. For beneficiaries who qualify for both, May will bring a total of three deposits or checks to their bank accounts.
Why are there two SSI payments for May?
On May 1st, the first SSI benefit payment of the month would have went out. This is the SSI benefit to be used for the month of May. The next payments to be sent out by the agency will be for the regular Social Security benefits on the second, third, and fourth Wednesdays of the month.
The Wednesday on which the beneficiary receives their Social Security benefit is determined in relation to their date of birth as follows:
- Those born between the 1st and the 10th of the month receive their benefits on the second Wednesday of each month – May 14th
- Those born between the 11st and the 20th of the month receive their benefits on the third Wednesday of each month – May 21th
- Those born between the 21st and the 31th of the month receive their benefits on the fourth Wednesday of each month – May 28th
As of today, two of the three cohorts of Social Security beneficiaries should have already received their monthly benefit.
Now, as for the second SSI payment that is set to go out on May 30, it is of utmost importance that all SSI beneficiaries keep in mind that this payment is the SSI benefit for the month of June and should be budgeted as such.
This means that there will be no SSI benefit payments for the entirety of the month of June this year. SSI benefit payments are generally made on the first of each month. However, the reason behind the payment for June being made at the end of May is due to the fact that the first of June falls on a weekend. As a result, the agency decided that paying the benefit earlier rather than delaying it to the next working day would be the best course of action. This way, beneficiaries will be able to access their June funding as the month begins.
The SSA schedule also notes that, “If you received Social Security before May 1997 or if receiving both Social Security & SSI, Social Security is paid on the 3rd and SSI on the 1st.”