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Quickly made payments will soon be sent to Social Security

Supplemental Security Income recipients received the first of two monthly payments in less than two weeks.

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In less than two weeks, people who receive Supplemental Security Income will get the first of two September payments.

To those who qualify, Social Security will send $841 on September 1 and another $841 on September 30 for a total of $1,682 that month.

In 2022, millions of people will receive stimulus payments in the form of direct deposits of $200 tax refunds into their bank accounts. NOW

Supplemental Security Income recipients will receive two payments in September, as they will in only three other months this year. April and December are the other months with two payments. According to the SSA’s payment calendar, those who qualify for SSI will receive their money 12 times in 2018. No payments are due during those three months. Three of them are January, May, and October.

This September, qualified couples will each receive a total of $1,261. For those who live with a Supplemental Security Income recipient and provide essential care, two payments of $421 will be made on the same days of the month.

According to its official website, SSI is a federal income supplement program “funded by general tax revenues (not Social Security taxes)”. According to the official website, SSI “provides cash to meet basic needs for food, clothing, and shelter” for low-income seniors, the blind, and the disabled.

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The Nexstar Media Wire reports that analysts believe rising inflation will lead to an increase in Social Security payments. A higher tax bracket could result from an increase in payments, so some people may actually end up earning less than they do now.

According to projections made in the Social Security Board of Trustees’ annual report for 2022, the trust fund reserves will begin to deplete by the year 2035 if Congress does not take action. “At the time of depletion of these combined reserves, continuing income to the combined trust funds would be sufficient to pay 80% of scheduled benefits,” the report stated.

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Daniel Chaitin, the original author

Starting Point: Benefits from Social Security: The initial $1,682 of your direct deposit will be sent to you in just 11 days.