Social Security benefits are a significant source of income for many American households. Knowing when we can receive these benefits is essential to being able to create an appropriate monthly budget, as many residents rely only on them for income.
Nevertheless, there are instances when these payment schedules become erratic, preventing beneficiaries—regardless of the kind of benefit—from receiving their Social Security payment on the scheduled day. Additionally, we have one extra check in August, which results in one fewer check in September.
An extra $943 Social Security check
There are a few requirements that we must fulfill in order to receive this additional Social Security income.
We will have to wait till the Administration completely approves the monthly benefit, though, if we haven’t applied for this check yet. This benefit is paid out on the first of every month, with a few exceptions made for calendar abnormalities.
Because of this, you may be eligible to receive the $943 benefit payment—also known as Supplemental Security Income—in August before the end of the calendar year.
The collection date will be the 30th of the month, and receiving it on the same day is only possible if Direct Deposit is selected as a collection method. This approach is the quickest of all, and we will not have to wait even a day to have the money ready.
To apply for this extra monthly Social Security check, you must meet the following two requirements:
- Have limited monthly income and resources.
- Be at least 65 years old. You can also apply if you are disabled.
We must fulfill both requirements in order to receive this check, but it’s crucial to remember that every application will be reviewed separately by the Social Security Administration. As a result, our income will directly affect how this benefit is paid.
The payment of Supplemental Security Income decreases with increasing income. In light of all of this, we may be eligible for a payout of up to $943, but it will all rely on the previously indicated factors.
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While August 30th, 2024 is the collection day, it is customary for this kind of benefit to be paid out on the first of the month. Moreover, the mode of collection will dictate when we receive the funds.
It is a given, though, that the Social Security Administration will issue this check early in September because the first of the month falls on a weekend.
