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You Might Recieve Second Social Security Benefits In September

Social Security Benefits
Social Security Benefits; Source- MARCA

In addition to other factors, September is a crucial month for people with Social Security since it contains the last month’s worth of U.S. inflation statistics that will be used to calculate the COLA for the following year. The fact that certain beneficiaries of Social Security will receive two payments in September 2023 is another justification.

Social Security Benefits

Social Security Benefits; Source- CNET

Social Security payments In September

People who are eligible for Supplemental Security Income (SSI) payments will get those checks. The SSA reports that on Friday, September 1, the first SSI cheque was written. The second will be released on Friday, Sept. 29, four weeks after the first. Due to an anomaly in the reimbursement schedule, SSI recipients receive two payments in the months of March, June, September, and December but none in the months of January, April, July, and October. The additional payment made in September might be viewed as a month-ahead advance.

SSA advises waiting three extra mailing days before getting in touch with the organization if you don’t receive your payment by the scheduled date. The accessibility of the funds may vary depending on your bank if you obtain direct deposit, but you may anticipate receiving your payment on the specified day. SSI benefits are given to low-income, resource-constrained individuals who are blind, 65 years of age or older, or who suffer from a permanent disability. A disability that prevents you from employment and is anticipated to last a year or cause your death is considered a qualifying disability.

SSI Benefit Rate For Individuals

Federal SSI benefit rates for individuals in 2023 are $914 and for couples, $1,371. The total SSI benefit is increased, though, because some states provide extra payments to the federal SSI benefit. The amount of your SSI benefits and state supplemental payments varies depending on your income, where you live, and other factors. If you receive the two Social Security and SSI or received Social Security benefits before to May 1997, Social Security is distributed on September 3 and SSI is paid on September 1 and September 29.

The 2024 Social Security COLA will be greatly influenced by the inflation rate for September. The COLA is calculated using the CPI-W’s third-quarter inflation estimate. The SSA based its computation on the third-quarter CPI-W’s percentage growth over the same period last year. The 2024 COLA is anticipated to be around 3.0%, which is much less than the 2023 COLA of 8.7% due to this year’s declining inflation.

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