The month marks a significant phase for those relying on Social Security benefits, particularly as it concludes the period used to calculate next year’s cost-of-living adjustment (COLA) based on U.S. inflation data.
In September, Social Security recipients are in the spotlight due to key developments affecting their financial well-being
Another vital aspect is the occurrence of dual payments for specific Social Security beneficiaries this September.
These payments are designated for individuals eligible for Supplement Security Income (SSI) benefits. The Social Security Administration confirms that the initial SSI disbursement will take place on September 1, followed by the second disbursement on September 29, spanning a four-week interval. The peculiar payment schedule pattern means that SSI recipients receive double payments in March, June, September, and December, with a pause in January, April, July, and October. The supplementary September payment can be construed as an advance for the upcoming month.
Should the expected payment not arrive on schedule, the SSA recommends allowing an extra three days for postal delivery before reaching out to the agency. For those receiving direct deposits, the payment is anticipated to arrive as scheduled, though fund availability might hinge on the individual’s banking institution. SSI benefits are intended for economically disadvantaged individuals, typically aged 65 or older, blind, or with qualifying disabilities anticipated to persist for a year or lead to fatality.
In 2023, the federal SSI benefit rate stands at $914 for single individuals and $1,371 for couples
Various states supplement the federal SSI benefit with added payments, boosting the total SSI benefit amount. Payment levels are subject to income, living conditions, and other considerations. Several states and U.S. territories do not provide supplementary SSI payments, namely Arizona, Arkansas, Mississippi, North Dakota, Northern Mariana Islands, Tennessee, and West Virginia.
Social Security retirement benefits will be issued according to the regular timetable in September 2023. Recipients born between the 1st and 10th of the month will receive their payment on September 13. Those with birthdays from the 11th to the 20th will receive payments on September 20, while those born from the 21st to the 31st will be paid on September 27. An exception applies to individuals who started receiving Social Security benefits before May 1997 or those who receive both Social Security and SSI, as their payments will be made on September 3, 1, and 29. The comprehensive payment schedule for 2023 can be accessed here.
As September unfolds, the rate of inflation for the month will exert considerable influence on the 2024 Social Security COLA. Determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the COLA hinges on third-quarter inflation data (July, August, and September) compared to the previous year. The projected 2024 COLA is around 3.0%, largely attributed to the decrease in inflation this year, in stark contrast to the 8.7% COLA observed in 2023.
READ ALSO: Millions Anticipate Social Security Direct Payments As September Retirement Disbursements Approach
Leave a Reply